Oct 24 (Reuters) - Canadian miner Teck Resources ( TECK )
beat third-quarter profit estimates on Thursday,
helped by higher production of copper at its Quebrada Blanca
(QB) mine.
The company reported an adjusted profit of C$0.60 ($0.4340)
per share for the quarter ended Sept. 30, compared with
analysts' average estimate of C$0.37 per share, according to
LSEG data.
Teck revamped its operations this year by selling 77%
interest in the steelmaking coal unit to Swiss miner Glencore
Plc ( GLCNF ). The deal, one of the largest in the industry, was
completed in July.
The deal was part of Teck's transition into a pure-play
energy transition metals company.
Teck said copper prices rose by about 11.7% from a year
earlier and averaged $4.21 per pound.
The company produced 115,000 metric tons of copper in the
reported quarter, an about 60% jump from a year earlier.
Teck cut its full-year copper production guidance to 420,000
to 455,000 tons, compared with the previous guidance of 435,000
to 500,000 tons.
($1 = 1.3824 Canadian dollars)