Vancouver mining company’s first quarter profit falls from year ago

Teck Resources Ltd. reported its first-quarter profit fell compared with a year ago due in part to its reduced ownership in its steelmaking coal business as well as lower copper and zinc prices and higher costs.

The Vancouver-based mining company says it earned a profit attributable to shareholders of $343 million or 65 cents per diluted share for the quarter ended March 31. The result compared with a profit of $1.14 billion or $2.18 per diluted share in the same quarter last year.

Revenue totalled $3.99 billion, up from $3.79 billion in the first quarter of 2023.

On an adjusted basis, Teck says it earned 75 cents per diluted share from continuing operations, down from $1.78 per diluted share a year earlier.

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Teck closed the sale of a minority stake in its steelmaking coal business, Elk Valley Resources, to Japan’s Nippon Steel Corp. and South Korean steelmaker Posco in January.

The deals are part of a broader plan that will see Glencore acquire the remaining 77 per cent stake in Elk Valley Resources. The Glencore transaction remains subject to regulatory review and is expected to close later this year.

This report by The Canadian Press was first published April 25, 2024.