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Market: TSX
Sector: General Mining
Epic: TSX:TCK
News: Latest news
Web Site: Teck Resources
Other Articles: 22-04-201006-04-201009-02-2010

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Teck Resources

Teck Resources

Teck Resources (formerly Teck Cominco) is Canada’s largest diversified mining, mineral processing and metallurgical company. The company produces significant quantities of copper, metallurgical coal and zinc, and is a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets.

The Company owns, or has interests in, 16 operating mines in Canada, the USA, Chile and Peru, as well as one metallurgical complex in Canada. The Company is actively exploring in over 15 countries throughout the Americas, Asia Pacific, Europe and Africa.

Tuesday, April 21, 2009

Teck Cominco first quarter revenues climb 11% to C$1.7 billion

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Teck Cominco (TSX: TCK.A, NYSE: TCK) reported net earnings of CDN$241 million, or CDN$0.50 per share for the first quarter of 2009. Earnings before non-recurring items and positive pricing adjustments was $227 million while operating profit, before depreciation and pricing adjustments, was $765 million. At the end of the quarter (31 March 2009) the mid-tier mining group had $1.6 billion in cash.

Don Lindsay, President and CEO of Teck Cominco said that conditions improved “somewhat” for the company in the first quarter, but that it was still operating in challenging times.  "Our operations performed well, with all of our major sites generating positive cash flow from operations in the quarter. We are also making progress with our debt reduction plan and our non-core asset sales,” he added.

Revenues for the first quarter rose 11% to $1.7 billion while operating profits climbed 29% to $765 million.

Looking ahead, Teck Cominco noted that it was still finding it difficult to forecast sales volumes, but said it was expecting to sell between 18 and 20 million tonnes of coal this year, of which 90% would be hard coking coal.  To date Teck has completed price negotiations for 11 million tonnes of coal in 2009, with the highest quality coal fetching US$128/tonne.

Teck Cominco also commented on its current debt pile, which has been a major concern for the investment community. The company said that it was continuing its plan to divest of certain assets to help pay down its debt pile.

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