News

Teck finishes 2012 with $1 billion drop

Weak steelmaking coal markets have resulted in a significant drop in profit for Teck. Teck Resources Limited reported last week an annual adjusted profit attributable to shareholders of $1.5 billion, or $2.60 per share, in comparison with a record $2.5 billion, or $4.18 per share, in 2011.

"From an operations perspective, 2012 was a good year," explained Don Lindsay, President and CEO. "Our copper production was a record, we continued to increase our steelmaking coal production, and we obtained new labour agreements for a number of our operations.

“However, due to uncertain global economic conditions, prices for all of our major products were down compared to last year, which resulted in lower earnings and cash flows than in 2011."

Steelmaking or metallurgical coal is a key profit driver for Teck. The company is Canada's largest diversified mining company and the operator of the nation's largest copper and coal mining operations, including the Fording River, Line Creek, Greenhill, and Elkview mines located in the Elk Valley.

 

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Teacher strike cheques in the mail
 
Herman goes to Africa
 
District of Sparwood shuts down Well #3 due to selenium levels
Isabella Dicken kids in Fernie get to grips with science
 
Cities target gaps in care for mentally ill
 
Elkford’s Western Financial Group celebrates its customers
Tree knocked into house by storm
 
Room to Live campaign launched
 
First snow fall of the year

Community Events, October 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Oct 30 edition online now. Browse the archives.