Teck Resources Surpasses Q4 Profit Estimates with Record-Breaking Copper Production
Canadian mining giant Teck Resources has exceeded analysts' expectations for its fourth-quarter profit due to increased copper production at its Chilean mine.
Key Highlights:
* Total copper output surged by 19% YoY to 122,100 tonnes.
* Quebrada Blanca (QB) mine in Chile accounted for 60,700 tonnes of copper production.
* CEO Jonathan Price attributed the record production to strong performance at QB.
* Favorable sales volumes and metal prices also contributed to the positive results.
Growth Prospects:
Teck's ongoing debottlenecking project at QB is expected to enhance throughput by 10-15%. The company forecasts copper production to reach 490,000-565,000 tonnes by 2025.
Financial Performance:
* Adjusted profit for the quarter ended December 31 reached C$0.45 per share.
* This exceeded the C$0.43 per share estimate by analysts.