Teck misses quarterly profit estimates, trims copper output forecast

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Teck Resources missed market estimates for third-quarter profit on Tuesday, pressured by lower prices for steelmaking coal and zinc, and reduced sales volumes of steelmaking coal and Highland Valley copper.

The company increased the capital cost guidance for its QB2 copper project in Chile to $8.6-billion to $8.8-billion from $8.0-billion to $8.2-billion previously forecast, adding that efforts are ongoing to mitigate the risks and cost pressures. Teck’s third-quarter steelmaking coal sales were 5.2-million tonnes, missing the company’s forecast due to the impacts of wildfires in British Columbia and labor disruption at ports in British Columbia.

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