By Canadian Press

Teck Resources reports second-quarter profit down from year ago

Jul 24, 2024 | 5:28 AM

VANCOUVER — Teck Resources Ltd. reported its second-quarter profit fell compared with a year ago due in part to its reduced ownership in steelmaking coal business Elk Valley Resources, along with lower steelmaking coal prices.

The Vancouver-based mining company says it earned a profit attributable to shareholders of $363-million or 70 cents per diluted share for the quarter ended June 30. The result compared with a profit of $510-million or 98 cents per diluted share in the same quarter last year.

Revenue totalled $3.87-billion, up from $3.52-billion in the second quarter of 2023.

On an adjusted basis, Teck says it earned 79 cents-per-diluted share from continuing operations, down from $1.22 per diluted share a year earlier.

Earlier this month, the federal government approved the sale of Teck’s remaining 77 per cent interest in Elk Valley Resources to Swiss commodities giant Glencore, allowing it to become purely a metals producer.

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Teck chief executive Jonathan Price says Teck will use the US$7.3-billion it received through the deal to reduce debt, fund its near-term copper growth and return “significant cash” to shareholders.

This report by The Canadian Press was first published July 24, 2024.

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

The Canadian Press