Teck's Q1 profit up three-fold on higher met coal prices after Cyclone Debbie

Metallurgical coal production volume and sales by Canadian miner Teck Resources both dipped in the first three months of 2017, the miner said in an unaudited results statement released on Tuesday April 25.

It put the major part of the blame on weak demand in January and February, but demand improved in March after Cyclone Debbie struck north-eastern Australia.
The miner produced 6.1 million tonnes of met coal in the first quarter, down by 7.6% year-on-year compared with 6.5 million tonnes in the corresponding period a year earlier.

Teck attributed the lower output to low demand and logistical constraints after stockpiles of clean coal at mine sites reached “maximum capacity early in the quarter”, forcing...

Published

Sophie Zhao

April 25, 2017

14:04 GMT

Singapore