Teck reports 2016 first quarter financials

Mining company Teck released their first quarter financial results for January to March 2016.

Mining company Teck released their first quarter financial results for January to March 2016, reporting that all operations, except Pend Oreille, are cash flow positive after capital stripping. Before depreciation and writing off initial company costs, Teck posted a profit of $464 million, compared to $685 million in 2015’s first quarter.

Locally, the Line Creek, Greenhills and Elkview mine operations all saw record production. Line Creek produced more in 2016’s first quarter than in any other quarter of the sites operation. Greenhills and Elkview produced more than any other of their first quarters since their operations began.

Per tonne, steelmaking coal for this quarter was at $102 per tonne. Over the same period last year the price per tonne was $128.

Despite a record breaking quarter for three of the local mines, Teck reported a three per cent lower production rate over the quarter. Teck produced 6.6 million tonnes in the first quarter of 2016. 2015’s first quarter produced 6.8 million tonnes. This was consistent with Teck’s 2016 productions plans, where they intend to focus production on the second half of the year.

Plant, property and equipment expenditures also saw a decrease in cost when compared to last years first quarter. In 2016, the company spent $11 million in the first quarter, down from 2015’s $25 million.

In regards to steelmaking coal, Teck saw a lower gross profit in the first quarter of 2016 compared to 2015.

President and CEO, Don Lindsay, believes the company did well over the first quarter to reduce costs while keeping up with production and is given confidence by the change in direction for steelmaking coal and zinc prices.

“Again our operations performed well by reducing our costs while maintaining production volumes,” said Lindsay in the financial release. “Not withstanding that, the commodity cycle continues to be challenging. We are encouraged by the change in direction in steelmaking coal and zinc prices.

For more detailed information go to Teck.com

 

Just Posted

Freezing rain warning in effect for B.C. Southern Interior

Environment Canada issued the freezing rain warning for most of the Southern Interior Tuesday morning

Rumble In The Rockies brings live boxing back to Fernie

Local boxer, Dylan Mitchell takes first career win at home

Smiles all around as province announces emergency ward funding

$2.1 million to go to much-needed upgrades

As avalanche danger grows, BC heli-skiers exercise caution

Company relies on guides’ decades of experience

Lumby supports the vote for Fernie Hockeyville idea

Okanagan village that won the 2016 crown backs Saskatchewan call to vote for Fernie, B.C.

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Vernon to host largest Special Olympics B.C. Winter Games in 2019

Games to be held Feb. 21-23, with more than 800 athletes expected to take part

Sentencing hearing begins for ex-BC Liberals employee in ‘quick wins’ scandal

Former communications director Brian Bonney pleaded guilty last October

Sunwing vacation passengers left at Abbotsford airport

YXX staffers receive praise for help to passengers; airline criticized

BC Liberal leadership candidate stops in Cranbrook

Andrew Wilkinson drums up local support as race enters final weeks.

Ice dancers Virtue and Moir to carry flag for Canada at 2018 Olympics

The pair earned a gold medal at the 2010 Vancouver Olympic Games

Diplomacy on agenda at North Korea summit in Vancouver

Foreign ministers from 20 countries are meeting Tuesday to discuss security and stability on the Korean Peninsula.

Kids chained in Calif. house of horrors; parents arrested

Authorities say an emaciated teenager led deputies to home where her 12 brothers and sisters were locked up in filthy conditions

Most Read