Proactiveinvestors recommends
Additional Information
Market: TSX, NYSE
Sector: General Mining
EPIC: TCK.B
Latest Price: 41.60  (-2.12% Descending)
52-week High: 63.22
52-week Low: 28.69
Market Cap: 24,189.70M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Teck Resources
www.teck.com

Teck Resources 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.

 

Full Teck Resources profile here
Pdf

Teck Resources cuts debt pile by $4.6 billion, $8.9 billion remaining

23rd Jul 2009, 2:48 pm
Teck Resources cuts debt pile by $4.6 billion, $8.9 billion remaining

By Dorothy Kosich, Mineweb.com

Canada's Teck Resources reported "substantial progress with our debt reduction plan" Wednesday as the $5.81 billion bridge loan related to the acquisition of Fording‘s coal assets has been paid in full and a $4 billion term loan has been reduced to $2.74 billion.

In a statement Wednesday, Teck CEO Don Lindsay said, "Our total debt has been reduced by $4.6 billion since we completed the Fording transaction in October 2008, and we expect further reductions of approximately $1 billion upon the sale of the future gold production from our Andacollo mine and the Waneta Dam, which are expected to close later this year."

Teck's total debt balance was reported to be $8.9 billion as of July 22nd.

The company reported $811 million in net earnings for the first half of the years and $389 million in comparative net earnings, compared to $824 million in net earnings for the first six months of 2009 and $753 million in comparative net earnings.

For the second-quarter 2009, Teck reported net earnings of $570 million and comparative net earnings of $177 million, in contrast to the $497 million in net earnings and $503 million in comparative net earnings reported during second-quarter 2008.

Net earnings in the second quarter of this year included non-cash forex gains of $413 million, positive after-tax gain of $33 million from the sale of Hemlo Gold. Offsetting these items was the write-off of $87 million of previously capitalized debt financing fees as a result of the repayment of the majority of Teck's bridging loan in the quarter.

In the company's quarterly results statement, Teck management forecasts this year's coal sales to be at the upper end of the previously announced 18 million to 20 million tonnes.

In their outlook statement, Teck noted, "Base metals prices have increased significantly, while demand for coal has resulted in tightening markets."

Teck has scheduled a webcast today to discuss its financial results with analysts.

Mineweb is a web-based international mining publication focusing on mining financial and corporate news and comment.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.