Vancouver-based mining giant Teck Cominco (TSX:TCK.B) has reported first-quarter net earnings of $345 million or $.78 per share. That compares with $360 million, or $0.83 per share, in 2007's first quarter and $280 million, or $0.64 per share, in the company's most recent fourth quarter.
Teck's acquisition last year of three copper mines from Aur Resources, combined with a copper price increase of 32%, helped increase company revenue. Its copper division contributed $435 million in operating profit, or just over 70%, in Teck's most recent quarter. It contributed $292 million, or 47% of the total, in 2007's first quarter.
Teck's copper production is projected to increase further once the acquisition of the Relincho copper project in Chile is completed.
Company zinc and coal revenue decreased because of lower commodity prices and a higher Canadian dollar compared with last year.
Teck's share price range during the past week: between $46.49 and $48.28; 52-week high: $53.35; 52-week low: $28.