Teck Resources Limited (TSX:TECK.B) had profit attributable to shareholders of $577 million, or $1 per share, in 2017’s second quarter, according to the company’s unaudited results announced July 27.
This is a jump from the $15 million ($0.03 per share) reported in the same period last year. Revenue increased from $1.7 billion in 2016’s second quarter to $2.8 billion. Teck said the growth relates in large part to record sales and production of steelmaking coal.
“I’m pleased with our results,” Teck president and CEO Don Lindsay said in a press release. “We generated adjusted EBITDA of $1.3 billion in the second quarter and $5.4 billion over the last 12 months.
“After a challenging first quarter, we set second quarter steelmaking coal sales and production records of 6.9 and 6.8 million tonnes, respectively, and we reduced our outstanding notes to US$4.8 billion, achieving our target of less than US$5 billion.”
The company’s Antamina mine, a large copper and zinc project in the Andes mountains in Peru, had record zinc production in the quarter.
Gross profit was $1.1 billion, up from $212 million in Q2 2016. Teck said it expects steelmaking coal sales to grow to 7 million tonnes in Q3.
Teck is British Columbia’s biggest mining company as ranked by 2016 revenue.
@EmmaHampelBIV
