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Teck says achieved a number of financial performance records in 2022, posts adjusted profit of C$4.9B

Kitco News

(Kitco News) - Teck Resources (TSX: TECK.A and TECK.B, NYSE: TECK) today announced a record adjusted profit attributable to shareholders of C$4.9 billion or C$9.25 per share for the full year 2022.

The company said that profit from continuing operations attributable to shareholders was also a record C$4.1 billion or C$7.77 per share for the full year 2022.

However, adjusted profit attributable to shareholders of C$558 million or C$1.09 per share in Q4 2022 was lower than in Q4 2021 (C$1,377 million).

The company noted that in Q4 2022, its copper business unit gross profit declined by 44% from a year ago due to a decrease in the average realized copper price to US$3.72 per pound and lower sales volumes.

In Q4 2022, the company's zinc business unit gross profit decreased by 74% from a year ago primarily due to a decline in the average realized zinc price and the impact of the extended major maintenance activities on the KIVCET boiler at its Trail Operations.

Gross profit in Teck's steelmaking coal business unit decreased by 42% in Q4 2022 compared to the same period last year due to a decrease in realized steelmaking coal prices, a two-month plant outage at Elkview and the impact of extreme weather events in December on its logistics chain.

On February 18, 2023, the company's Board approved a C$0.625 per share dividend and authorized up to a C$250 million share buyback.

"We achieved a number of financial performance records in 2022, driven by the continued strong commodity price environment and the resilience of our teams, who successfully managed through short-term production challenges in the fourth quarter," stated CEO Jonathan Price. "We are well positioned to execute on our strategic priorities in 2023 and expect a transformational year with the commissioning and ramp-up of our QB2 project."

Headquartered in Vancouver, Canada, Teck is one of Canada's leading mining companies. Teck is focused on copper, zinc, and steelmaking coal.

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