Teck Resources Reports Strong Q3 Profit

(Reuters) – Canadian miner Teck Resources (NYSE:TECK) surpassed third-quarter profit estimates on Thursday, driven by increased copper production at its Quebrada Blanca (QB) mine.

The company reported an adjusted profit of C$0.60 ($0.4340) per share for the quarter ending September 30, exceeding analysts' average estimate of C$0.37 per share, according to LSEG data.

Teck revamped its operations this year by selling a 77% interest in its steelmaking coal unit to Swiss miner Glencore (OTC:GLNCY) Plc. This significant deal, completed in July, is part of Teck's strategy to become a pure-play energy transition metals company.

Teck noted that copper prices increased by approximately 11.7% year-over-year, averaging $4.21 per pound. The company produced 115,000 metric tons of copper in the reported quarter, reflecting a about 60% increase compared to the same period last year.

However, Teck has revised its full-year copper production guidance down to 420,000 to 455,000 tons, compared to the previous estimate of 435,000 to 500,000 tons.

($1 = 1.3824 Canadian dollars)