Canadian miner Teck Resources Ltd , the world’s second-biggest exporter of steel-making coal, reported a better-than-expected quarterly profit on Monday, boosted by its energy business and a slight increase in commodity prices.
The miner said even though commodity prices were lower than a year ago, prices rose during the first quarter and closed higher than prices at Dec. 31, 2018. The profit beat comes as Teck Resources undertakes de-bottlenecking initiatives at Fort Hills oil sands mining, where its energy business unit operates, to increase production capacity.Fort Hills, which achieved commercial production last June, has performed well during start-up and commissioning and there is further potential to de-bottleneck and expand production capacity, the company said.
Chief Executive Officer Don Lindsay said the company is reiterating its 2019 forecast, adding that focus for the rest of the year is to develop the QB2 project, an expansion of its Quebrada Blanca copper mine in Chile. The Vancouver-based company said adjusted profit for the quarter ended March 31 fell 24.6 per cent to $568-million, or $0.99 per share.Analysts on average were expecting the company to earn $0.95 per share and revenue of $3.00-billion, according to IBES data from Refinitiv.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maple Leafs pass adversity test and beat Bruins with high-energy effortComing off a one-sided loss in Game 2 and dealing with the fresh news that Nazem Kadri would no longer factor in the series against the Bruins, the Maple Leafs showed their resolve to earn the win and claim the series lead. The TSN Hockey panel shares its thoughts on the game and praises the play of Andreas Johnsson, who seized his opportunity and had a standout performance.
Source: TSN_Sports - 🏆 80. / 51 Read more »
Energy’s #MeToo moment: Ex-Anadarko employee alleges culture where women treated as ‘sexual playthings’Allegations at Denver office include loutish behaviour, such as a supervisor who joked women seeking to advance careers be prepared to provide oral sex
Source: nationalpost - 🏆 10. / 80 Read more »
How Canada’s other major energy export could light up New England statesNew England states are shunning fossil fuels and warming up to terawatts of sustainable hydroelectricity from Quebec
Source: nationalpost - 🏆 10. / 80 Read more »
Posthaste: Carbon tax obsessions, Hudbay lawsuit and Canada’s other energy exportPosthaste: Carbon tax obsessions, Hudbay lawsuit and Canada's other energy export
Source: nationalpost - 🏆 10. / 80 Read more »
Climate change protesters descend on France’s SocGen, energy companiesDemonstrators block thousands of employees from entering the headquarters of French bank Societe Generale, state-run utility EDF and oil giant Total globebusiness It's a party!
Source: globeandmail - 🏆 5. / 92 Read more »
Are Marner's defensive responsibilities draining his offensive energy?Mitch Marner did not have a shot on goal in Game 5 or Game 6. It's the first time all season long that he's been held without a shot in consecutive games. Mark Masters asked the winger if his energy has been sapped at all because of his focus on shutting down Boston's top players. markhmasters Always gotta come up with excuses to defend the golden boy markhmasters 4 points markhmasters Hilarious!
Source: TSN_Sports - 🏆 80. / 51 Read more »