The Vancouver-based mining company says it earned a profit attributable to shareholders of $363-million or 70 cents per diluted share for the quarter ended March 31
The logo for Canadian mining company Teck Resources Limited above their booth at the Prospectors and Developers Association of Canada annual conference in Toronto, on March 7, 2023.reported its second-quarter profit fell compared with a year agodue in part to its reduced ownership insteelmaking coal business Elk Valley Resources , along with lower steelmaking coal prices.
The Vancouver-based mining company says it earned a profit attributable to shareholders of $363-million or 70 cents per diluted share for the quarter ended June 30. The result compared with a profit of $510-million or 98 cents per diluted share in the same quarter last year.On an adjusted basis, Teck says it earned 79 cents-per-diluted share from continuing operations, down from $1.22 per diluted share a year earlier.
Earlier this month, the federal government approved the sale of Teck’s remaining 77 per cent interest in Elk Valley Resources to Swiss commodities giant Glencore, allowing it to become purely a metals producer. Teck chief executive Jonathan Price says Teck will use the US$7.3-billion it received through the deal to reduce debt, fund its near-term copper growth and return “significant cash” to shareholders.
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