Teck Resources coal sales to exceed prior outlook
Shares in Canada's Teck Resources (TSX:TCK.B) (NYSE:TCK) climbed slightly last week after the company announced that fourth-quarter coal sales are expected to top its prior outlook of 6.2 million tonnes, according to MINING.com.
The Vancouver-based miner also said that first quarter production was not anticipated to be "materially impacted" by damage to Berth 1 at Westshore Terminals. Teck plans to use alternative shipping options throughout the duration of the repairs at Westshore, including securing additional capacity at different terminals.
The company added that any expected shortfall in first quarter shipping capacity won't affect first quarter production, as "there is additional inventory capacity and the potential to secure further shipping capacity at the terminals."
Demand for coal has picked up in international markets, and rising natural gas prices in the U.S. could boost domestic demand as well.
After the announcement, Teck's shares rose 0.8% at $35.83, in a 52-week range of $26.12 to $43.99.