Teck Resources beats Q3 estimates on strong copper production

VANCOUVER - Teck Resources Limited (NYSE:TECK ) reported better-than-expected third quarter results on Tuesday, driven by record copper production as its Quebrada Blanca mine continues to ramp up operations.

The Canadian miner posted adjusted earnings per share of C$0.60, surpassing analyst estimates of C$0.36. Revenue came in at C$2.86 billion, topping expectations of C$2.77 billion.

Teck achieved another consecutive record quarter of copper production with 114,500 tonnes, of which 52,500 tonnes came from Quebrada Blanca. The company said production at Quebrada Blanca continues to ramp up and it expects to be operating at full throughput rates by the end of 2024.

"The third quarter marked a new era for Teck as we successfully transformed into a pure-play energy transition metals company with leading copper growth," said Jonathan Price, President and CEO.

The company completed the sale of its remaining 77% interest in its steelmaking coal business for US$7.3 billion in July. Teck has already returned over C$1.3 billion to shareholders through share buybacks and dividends so far this year.

Teck maintained its 2024 copper production guidance of 420,000 to 455,000 tonnes, but lowered the upper end of its Quebrada Blanca copper production range to 200,000-210,000 tonnes for the year.

The miner also reduced its 2024 zinc net cash unit costs guidance to US$0.45-$0.55 per pound from US$0.55-$0.65 previously, citing continued strong performance at its Red Dog operation.

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Source: Investing.com