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Teck Resources Q3 profit beats estimates on higher copper production
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Teck Resources Q3 profit beats estimates on higher copper production
Oct 31, 2024 1:30 AM

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)

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