Falling commodity prices have translated to disappointing second-quarter results for two of B.C.’s biggest mining companies.
Goldcorp reported a loss of $1.9 billion, or $2.38 per share, for 2013’s second quarter.
The company is attributing the loss to a writedown of exploration potential at its Peñasquito site in Mexico. Gold prices fell below below $1,200 an ounce at the end of the second quarter, while copper declined by 9% compared with the second quarter of 2012.
Teck Resources reported a profit of $197 million, or $0.34 per share, for the second quarter of 2013, compared with $398 million, or $0.68 per share, in 2012.
Teck had seen lower prices on coal and copper take a bite out of its second quarter profits. The price of coal fell 23% in 2013’s second quarter compared with the same period last year.
“These lower prices have reduced our revenues by approximately $350 million in the second quarter based on 2013 sales volumes,” read the company’s second quarter report.
