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Teck announces fall in profits in Q2 2014

World Coal,

Canadian coal miner, Teck Resources, has reported significantly lower profits in Q2 of this year compared to the same period last year, becoming the latest company to report a drop in earnings on the back of lower coal prices. Gross profits totaled US$633 million, compared to US$871 million in Q2 2013.

“Coal prices in US dollar terms were lower by 29% in the second quarter of 2014 compared with a year ago and 15% lower than in the first quarter of 2014,” the company said in its earnings report. Gross profit in the coal business unit dropped to US$23 million from US$277 million last year.

While profits fell, Teck did record and increase in coal production of 7% on the previous year. Total production stood at 6.4 million t on the back of higher capacity utilisation and record production at the company’s Elkview and Greenhills mine.

The company now expects coal production to be 6 million t in Q3 with full year output forecast at 26 – 27 million t.

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