Teck reports record metallurgical coal production and sales
Published by Harleigh Hobbs,
Editor
World Coal,
Teck Resources Ltd has reported profit of US$577 million (US$1.00 per share) in the second quarter compared with US$15 million (US$0.03 per share) a year ago.
“I’m pleased with our results,” said Don Lindsay, President and CEO. “We generated adjusted EBITDA of US$1.3 billion in the second quarter and US$5.4 billion over the last twelve months. After a challenging first quarter we set second quarter steelmaking coal sales and production records of 6.9 and 6.8 million t, respectively, and we reduced our outstanding notes to US$4.8 billion, achieving our target of less than US$5 billion.”
Profit attributable to shareholders was US$577 million and EBITDA was US$1.3 billion in the second quarter. Gross profit was US$1.1 billion in the second quarter compared with US$212 million a year ago.
The Canadian miner’s cash flow from operations totalled US$1.4 billion in 2Q17 compared with US$339 million a year ago.
The company set new second quarter records for both metallurgical coal sales and production of 6.9 and 6.8 million t, respectively. In addition, Antamina achieved record zinc production of 102 300 t in the second quarter.
In early July, the employees at Cardinal River ratified a new five-year collective agreement. With this agreement in place, all of the unionized employees within the metallurigcal coal business unit are under contract until at least 31 May 2019. Negotiations are ongoing at Highland Valley Copper and a mediated settlement for a new five-year collective agreement is currently in the voting process for unionized employees at Trail Operations.
Read the article online at: https://www.worldcoal.com/coal/28072017/teck-resources-reports-record-metallurgical-coal-production-and-sales/
You might also like
Coal exit and workforce shortages keep short-term Australian power prices high
Cornwall Insight has reported that the ongoing phase-out of coal facilities and the sluggish progress in launching new renewable energy projects is poised to push Australian electricity prices higher until 2030.