Teck reports a $2.1 billion loss

Teck released its third quarter financial statements last week, and is reporting a $2.1 billion loss.

Teck released its third quarter financial statements last week, and is reporting a $2.1 billion loss, mostly due to the writedown of its coal assets.

The Canadian Press published a story on Oct. 22, detailing the $2.1 billion loss, noting that Teck has shutdown some of it’s operations for three weeks during the third quarter. This was to reduce inventory and production costs.

Nic Milligan, Manager of Community and Aboriginal Affairs at Teck said that Teck does not have plans to continue any shutdowns.

“Going forward for steelmaking coal, we will be producing at close to budgeted levels in Q4, to align our production to sales volumes. Our operating plan for Q3 was successful in reducing inventories throughout the supply chain, and we expect to earn positive cash margins at current prices and costs,” he said in an email to The Free Press. “As such, we do not currently have plans for any further downtime at our operations.”

The price of coal has suffered in the past year, affecting Teck’s operating budget.

“An impairment charge reflects a reduction in the carrying value of an asset given changes in market conditions. It is important to note that these are non-cash charges and overall Teck remains in a strong financial position,” said Milligan. “Our focus as a company going forward is on continuing to control costs, being disciplined in our capital allocation, and ensuring our operations stay competitive throughout these challenging conditions.”

In other news, Teck is currently facing multiple charges under the Environmental Protection Act and the Fisheries Act. They are due to appear at the Fernie Court House on at 9:30 a.m. Oct. 29. Updates will be available on The Free Press website.


Just Posted

Vehicle stolen from downtown Fernie found torched at transfer station

RCMP are seeking witnesses to the theft of a yellow 2002 Subaru… Continue reading

Rossland council urges minister to kill Jumbo Glacier Resort project

Mayor writes letter panning ski resort on environmental, legal, and economic grounds

Stranded hikers rescued from Mt. Hosmer

On Monday, Fernie Search and Rescue (SAR) responded to two hikers stranded… Continue reading

Teck’s water treatment facility on track for 2020 completion

Teck is on schedule for late 2020 for the completion of their… Continue reading

Barry Marchi’s spirits high as treatment in Seattle continues

Barry Marchi’s spirits are high as he continues treatment in the United… Continue reading

River rescue near Fernie prompts log jam warning

The City of Fernie announced at the beginning of August a dangerous… Continue reading

Black Pistol Fire ignites Wapiti festival crowd

Off stage, Kevin McKeown is a calm, collected individual. On stage, he… Continue reading

Clean the house, prep for your next trip: Tips to nix the post-vacation blues

48 per cent of travellers are already stressed about ‘normal life’ while still on their trip

More women may need breast cancer gene test, U.S. guidelines say

Recommendations aimed at women who’ve been treated for BRCA-related cancers and are now cancer-free

Couple could go to jail for taking 88 lbs. of Italian sand

Pair said they didn’t know it was illegal to take the sand, which is protected as a public good

Bodies of two missing Surrey men found near Ashcroft: RCMP

Ryan Provencher and Richard Scurr have been missing since July 17

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

VIDEO: RCMP unveil new, state-of-the-art forensics lab

The laboratory is expected to handle thousands of forensic services from across Canada annually

Most Read