By Canadian Press

Teck Resources says Q1 steelmaking coal sales fell slightly below guidance

Apr 11, 2022 | 6:47 AM

VANCOUVER — Teck Resources Ltd. says its steelmaking coal sales in the first quarter came in slightly below its guidance as a result of a labour dispute at Canadian Pacific Railway Ltd. that resulted in a temporary work stoppage at the railway.

The mining company says its first-quarter steelmaking coal sales totalled 6.0 million tonnes.

Teck had provided guidance for between 6.1 million and 6.5 million tonnes.

However, Teck says record prices for steelmaking coal resulted in an increase in its average realized price in the first quarter to US$357 per tonne. Realized steelmaking coal prices in the fourth quarter averaged US$351 per tonne.

The rise from the fourth quarter further resulted in positive pricing adjustments of approximately C$88 million.

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Teck says it expects to release its full first-quarter results on April 27.

This report by The Canadian Press was first published April 11, 2022.

Companies in this story: (TSX:TECK.B)

The Canadian Press