Teck reported an adjusted profit of $0.75 per share, for the quarter ended March 31, compared with analysts’ average estimate of $0.85 per share
missed first-quarter profit estimates on Thursday, pulled down partly by lacklustre steelmaking coal sales volumes and lower zinc prices.
The miner reported a 74 per cent rise in copper production at 99,000 tonnes in the first quarter, helped by ramp-up in output at its Quebrada Blanca mine in Chile. The company reiterated full-year copper production of between 465,000 tonnes and 540,000 tonnes, above 296,500 tonnes produced in 2023. “The investment case for Teck is very much dependent on the company hitting the revised ramp-up timeline and capex guidance at QB2. the completion of construction and reiterated guidance is encouraging,” as per Jefferies analysts.
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