Teck Resources reported a first-quarter profit of $328 million, down from $554 million in 2012's first quarter.
The company said declining prices for copper and steelmaking coal were behind the drop in profitability. Teck has put in place a cost-reduction program in an attempt to boost its bottom line.
The company sold 6.6 million tonnes of coal in the first quarter of 2013.
“I'm pleased with our performance so far this year,” said Don Lindsay, president and CEO of Teck. “Sales of steelmaking coal were up 24% over the first quarter of 2012, a new record for first-quarter sales, while sales volumes for copper and zinc were similar to last year despite various operational challenges.”
The company said it has received an area based management plan order from the B.C. Ministry of Environment for its Elk Valley operations. In March, it was reported that high levels of selenium had leached from the company’s coal mine sites in the area, and had been found in the eggs of fish, frogs and birds.
