In September, Teck announced an increase in zinc production guidance at Red Dog. The news was positive for Teck Trail Ops because most of the site’s zinc concentrate comes from the Alaskan mine. Red Dog’s zinc production for 2017 is now expected to be in the range of 525,000 to 550,000 tonnes, up from the prior guidance range of 475,000 to 500,000 tonnes. (Trail Times file photo)

Zinc production helps boost Teck profits

Third quarter profits more than doubled compared to 2016, states Teck Resources

Third quarter profits more than doubled this year compared to 2016, according to Teck Resource’s Thursday news release.

Boosted by record zinc production and steelmaking coal, the mining giant reported earnings of $621 million compared to $152 million one year ago. The company attributes the adjusted profit margin to shareholders ($1.08 per share) in the third quarter compared $0.26 per share one year ago.

“We are very pleased with our performance in the third quarter,” said Don Lindsay, President and CEO.

“We achieved strong operating results with our second highest quarterly sales for steelmaking coal and record zinc production at Antamina for the second consecutive quarter.”

Gross profit was $1.1 billion in the third quarter compared with $452 million a year ago.

Teck says its steelmaking coal business was helped by strong operational performance, substantially higher prices and increased sales volumes, partly offset by higher costs.

“With these strong operating results and favourable prices, our adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $1.4 billion,” Lindsay stated. “Just over $700 million higher than in the third quarter of last year.”

The company also reported benefits from higher copper, zinc and lead prices, partly offset by the strengthening loonie. Teck noted copper prices reached a three-year high early in the quarter at US $3.13 per pound, while zinc prices reached a ten-year high in September at just under US $1.50 per pound.

In September, Teck announced an increase in zinc production guidance at Red Dog. The news was positive for Teck Trail Operations because most of the site’s zinc concentrate comes from the Alaskan mine.

Red Dog’s zinc production for 2017 is now expected to be in the range of 525,000 to 550,000 tonnes, up from the prior guidance range of 475,000 to 500,000 tonnes.

Just Posted

Field set for Greater Trail municipal elections

Mayoral races in Warfield, Trail, Montrose and Fruitvale

Police investigate break-in, theft at Trail bakery

Trail RCMP officers responded to a break-in at the Pastry Shoppe on Friday

Basin sees increased support from the Trust

$57 million in benefits delivered through 65 programs and initiatives last year

Kootenay West MLA addresses Trail acid spills

Conroy seeking answers to public’s questions

Connect online to Columbia Basin and Kootenay Rockies farmers’ markets

BC Association of Farmers’ Markets new online tool connects people to farmers’ markets

‘Fire tornado’ erupts as firefighters battle interior B.C. wildfire

Firefighters near Vanderhoof were taken by surprise

Abdelrazik torture lawsuit delay would be unconscionable: lawyer

The federal government is making a last-minute plea to delay the Federal Court hearing

Trudeau upset after meeting with Saskatchewan chiefs

Trudeau is upset about how time was managed in a recent meeting

B.C. tent city ‘devastated’ after flash flood

Maple Ridge mayor says that residents shouldn’t have to return to their flooded tents

Filipino-Canadians concerned about family after typhoon hits Philippines

Typhoon Mangkhut has killed 66 people in the Philippines and four in China

Ottawa looks at having retired judge help guide renewed pipeline review process

The feds would only says that ‘multiple options were on the table’

Canada bans use of trans fats in food products

Trans fats are know to cause heart disease

Yukon suspect in B.C. mail bombing makes court appearance

Whitehorse man Leon Nepper faces charges related to a mail bomb sent to a Port Alice home Sept. 11

Nearly 80% of British Columbians support a ban on handguns in cities

86% support a ban on military-style assault weapons

Most Read