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.
Teck Resources roars back to life with $1.8 billion net earnings in 2009
By Dorothy Kosich, Mineweb.com
After being written off by many mining pundits at the end of 2008 due to a fourth-quarter US$607 million loss as well as $10 billion in debt after the takeover of Fording Canadian Coal Trust, Teck Resources roared back with its second highest net earnings ever, $1.8 billion or $3.42 per share for full-year 2009.
In a statement, Teck CEO Don Lindsay said the revenues "reflected strong performance across the company, including record production of copper at Quebrada Blanca and zinc at both Red Dog and Antamina."
"Including the application of the proceeds from the sale of an interest in the Waneta Dam of $825 million, we will have reduced our total debt by approximately $6.7 billion since we acquired the Fording coal assets in October 2008," he added.
Teck expects its coal production to increase to a range between 23.5 million to 25 million tonnes this year compared to 18.93 million tonnes in 2009. The company said it is "actively planning for further production increases in 2011 and 2012."
The company also reported producing 7.8 million pounds of molybdenum last year, up from 7.2 million pounds in 2009, as well as 308,000 tonnes of copper, down from 316,000 tonnes in 2008.
During 2010 Teck plans to mine 340,000 tonnes of copper and 940,000 tonnes of zinc.
The Quebrada Blanca joint venture in Northern Chile--of which Teck owns 76.5% along with Inversiones Mineras S.A., a Chilean private company,13.5% and Empresa Nacional de Minera, a Chilean government entity, 10%--achieved a record production of 87,400 tonnes of copper cathode in 2009.
The Antamina mine in the Andes of Peru set a record for zinc production of 456,300 tonnes last year. Teck owns 22.5% interest in Antamina, along with BHP Billiton (33.75%), Xstrata (33.75%), and Mitsubishi (10%).
Meanwhile, Teck's wholly owned Red Dog mine in Alaska set a new record for contained metal production last year as a result of a number of performance initiatives. Red Dog shipped 1.02 million tonnes of zinc concentrate and 220,000 tonnes of lead concentrate during the 2009 shipping season, compared to 920,000 tonnes of zinc and 247,000 tonnes of leading concentrates for the 2008 shipping season.
Teck plans $1.05 billion in capital expenditures this year including $675 million on development projects and $375 million on sustaining capital expenditures. The company said the Galore Creek project joint venture with NovaGold "will remain on care and maintenance for 2010." However, Teck intends to begin the preparation of a pre-feasibility study in the second quarter of this year in order to determine updated capital and operating cost estimates.
FINANCIALS
Net earnings for 2009 were $1.8 billion or $3.42 per share compared with $659 million or $1.46/sh in 2008. Net earnings for the fourth-quarter 2009 were $411 million or 70-cents/sh, compared with a net loss of $607 million or negative $1.28/sh in fourth-quarter 2008.
Net earnings in the fourth quarter of 2009 included positive after-tax pricing adjustments of $58 million and an after-tax gain of $134 million from the sale of Teck's interest in the Morelos gold project in Mexico. Partly offsetting this were asset impairment charges of $68 million related to oil sands projects.
The company reduced its total debt from $10.6 billion at the end of 2009 to $6.4 billion as of February 8, 2010.
Other Teck Resources articles
-
09/02/10 Is Teck Resources seriously undervalued?
-
06/07/09 China Investment Corporation to acquire 17.5% of Teck Cominco Class B subordinate voting shares
-
20/11/08 Teck Cominco to suspend dividend and sell Lobo-Marte interest
Other Teck Resources news
-
21/05/10 Teck Resources extends life of Red Dog Zinc Mine
-
22/04/10 Teck Resources to pay off remaining debt from Fording Coal acquisition
-
06/04/10 Fitch assigns BBB- rating Teck Resources, outlook stable
-
05/01/10 Teck Resources says CMA will expand operations at Antamina copper-zinc mine in Peru
-
30/09/09 Teck options Stratex International's Hasancelebi Gold Project in Turkey
-
23/07/09 Teck Resources cuts debt pile by $4.6 billion, $8.9 billion remaining
-
06/07/09 Teck Resources secures reduction in rail costs
-
03/07/09 Teck Resources raises C$1.74 bln in private placement to China’s CIC
-
22/06/09 Teck reverses planned coal production shutdowns as Chinese demand picks up
-
21/04/09 Teck Cominco first quarter revenues climb 11% to C$1.7 billion
Investors interested in Teck Resources recently viewed
-
ABM Resources (ASX: ABU)
-
African Aura Mining (AIM: AAAM / TSX-V: AUR )
-
African Diamonds (AIM: AFD)
-
African Energy Resources (ASX: AFR)
-
Alkane Resources Limited (ASX: ALK)
-
Altus Strategies (AIM: Altus )
-
AmerAlia Inc. (OTCBB: AALA)
-
Amur Minerals (AIM: AMC)
-
Andover Ventures (TSX-V: AOX)
-
Anglesey Mining (LSE: AYM)
-
Apella Resources (TSX-V: APA)
-
Apollo Minerals (ASX: AON)
-
Arafura Resources (ASX: ARU)
-
Atlantic Coal (AIM: ATC)
-
Aura Energy Limited (ASX: AEE)
-
Auzex Resources Limited (ASX: AZX)
-
Avalon Rare Metals (TSX: AVL)
-
Aviva Corporation Ltd (ASX: AVA)
-
Baobab Resources (AIM: BAO )
-
Bass Metals (ASX: BSM)
-
Batavia Mining (ASX: BTV)
-
Black Ridge Mining (ASX: BRD)
-
Bravo Gold Corporation (TSX-V: BVG)
-
Cadillac Ventures (TSX-V: CDC)
-
Camino Minerals Ltd. (TSX-V: COR)
-
Carpentaria Exploration (ASX: CAP)
-
Chromex Mining (AIM: CHX)
-
Churchill Mining (AIM: CHL)
-
Cline Mining Corporation (TSX: CMK)
-
Cockatoo Coal (ASX: COK)
-
Connemara Mining (AIM: CON)
-
Emergent Resources (ASX: EMG)
-
EurOmax Resources (TSX-V: EOX)
-
European Nickel (AIM: ENK)
-
Eurotin Inc. (TSX-V: ERT.P)
-
Ferrexpo (LSE: FXPO)
-
Fission Energy (TSX-V: FIS)
-
Forte Energy (ASX / AIM: FTE)
-
Genesis Resources (ASX: GES)
-
Gippsland Limited (ASX, FRA: GIP)
-
Great Quest Metals (TSX-V: GQ)
-
Great Western Minerals Group (TSX-V: GWG)
-
Greenland Minerals and Energy (ASX: GGG)
-
Groote Resources (ASX: GOT)
-
Gulf Resources (ASX: GLF)
-
Halo Resources (TSX-V: HLO)
-
Icon Resources Limited (ASX: III)
-
India Resources Ltd (ASX: IRL)
-
Ironbark Zinc Limited (ASX: IBG)
-
Ironclad Mining (ASX: IFE)
-
Kalahari Minerals (AIM: KAH)
-
Kenmare Resources (LSE: KMR)
-
Landore Resources (AIM: LND)
-
Li3 Energy (OTCBB: LIEG)
-
London Mining (AIM: LOND)
-
Lynas Corporation Limited (ASX: LYC)
-
Marenica Energy (ASX: MEY)
-
Metallica Minerals (ASX: MLM)
-
Millennium Minerals Limited (ASX: MOY)
-
Millrock Resources (TSX-V: MRO)
-
Mineweb (.: Mineweb)
-
Moly Mines (TSX / ASX: MOL)
-
Mosquito Consolidated Gold Mines (TSX-V: MSQ)
-
NGM Resources (ASX: NGM)
-
North American Tungsten (TSX-V: NTC)
-
North River Resources (AIM: NRRP)
-
Noventa (AIM: NVTA)
-
NQ Exploration Inc (TSX-V: NQE)
-
Ord River Resources Ltd (ASX: ORD)
-
Pacific North West Capital Corp. (TSX: .PFN)
-
Peninsula Minerals (ASX: PEN)
-
Phosphate Australia (ASX: POZ)
-
Pro Minerals Inc. (TSX-V: PRM)
-
Prophecy Resource Corp (TSX-V, OTCBB: PCY)
-
Rambler Metals & Mining (TSX-V, AIM: RAB)
-
Regency Mines (AIM: RGM)
-
Resource Generation (ASX: RES)
-
Rey Resources (ASX: REY)
-
Riverside Resources (TSX-V: RRI)
-
Robust Resources (ASX: ROL)
-
Rocky Mountain Resources (TSX-V: RKY)
-
Selwyn Resources (TSX-V: SWN)
-
Shaw River Resources (ASX: SRR)
-
Silver Swan (ASX: SWN)
-
SNS Precious Metals (TSX-V: SNS)
-
South Boulder Mines (ASX: STB)
-
Southern Silver Exploration Corp. (TSX-V: SSV)
-
Southern Uranium (ASX: SNU)
-
Stellar Resources (ASX: SRZ)
-
Stirling Resources (ASX: SRE)
-
Strategic Natural Resources (AIM: SNRP)
-
Stratex International (AIM: STI)
-
Strathmore Minerals (TSX-V: STM)
-
Sumatra Copper & Gold (ASX: SUM)
-
Tantalus Rare Earths AG (XETRA: TAE)
-
Tarsis Resources (TSX-V: TCC)
-
Thor Mining (AIM / ASX: THR)
-
Thundelarra Exploration (ASX: THX)
-
Toro Energy Limited (ASX: TOE)
-
Tournigan Energy (TSX-V: TVC)
-
TSX-V (TSX-V: LMG)
-
Western Desert Resources (ASX: WDR)
-
Western Potash Corp (TSX-V: WPX)
-
Westgold Resources Limited (ASX: WGR)
-
Weststar Resources Corp (TSX-V: WER)
-
White Canyon Uranium (TSX-V / ASX: WU )
-
ZINCOX RESOURCES (AIM: ZOX)










