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(Kitco News) - Teck Resources (TSX: TECK.A and TECK.B) (NYSE: TECK) today reported profit from continuing operations attributable to shareholders of C$510 million ($0.98 per share) in Q2 2023, compared to a profit of C$1,582 million in Q2 2022 ($2.95 per share).
The company said in a press release that the decrease in profit compared with a year ago is primarily due to lower prices for its principal products, particularly steelmaking coal.
“Our financial performance was strong in the second quarter, but decreased from the same period last year when commodity prices were at historically-high levels across our commodities,” it added.
Teck also noted that in addition to the impact of lower commodity prices, the company’s profitability also decreased due to lower copper sales volumes, and higher unit costs relating to ongoing inflationary pressures.
Importantly, the company said it completed the first shipment and sale of copper concentrate at its Quebrada Blanca phase 2 (QB2) project in Chile in the second quarter, adding that line 1 is operating well as per expectations and line 2 is in commissioning.
However, the company pointed out it has updated its previously issued 2023 annual production guidance to reduce its copper production as a result of lower QB2 production, and to reduce lead production at Red Dog.
Teck is one of Canada’s leading mining companies with operations and projects in Canada, the United States, Chile and Peru.
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