Trump has begun another trade war. Here's a timeline of how we got here
Canada's leader laments lost friendship with US in town that sheltered stranded Americans after 9/11
Chinese EV giant BYD's fourth-quarter profit leaps 73%
You're an American in another land? Prepare to talk about the why and how of Trump 2.0
Chalk talk: Star power, top teams and No. 5 seeds headline the women's March Madness Sweet 16
Purdue returns to Sweet 16 with 76-62 win over McNeese in March Madness
(Reuters) -Canadian miner Teck Resources beat third-quarter profit estimates on Thursday, helped by higher copper production volumes at its Chile mine and on strong prices of the red metal.
Copper prices remained elevated in the quarter, supported by optimism about Chinese demand following a series of stimulus measures from Beijing. Long-term demand view for the red metal continues to be bullish on the back of its critical role in the energy transition.
Teck said copper prices rose by about 11.7% from a year earlier and averaged around $4.21 per pound.
The Quebrada Blanca (QB) mine in Chile reported record production during the quarter as operations continued to ramp up. This helped Teck achieve a jump of around 60% in copper output to 115,000 metric tons.
However, the company cut its full-year copper production forecast for the second time in a row, citing labour issues and mining delays at the Highland Valley Copper mine in Canada.
It also reduced the upper end of its 2024 annual copper production guidance for QB. Teck now expects full-year copper production of 420,000 to 455,000 tons, compared with the previous guidance of 435,000 to 500,000 tons.
Teck revamped its operations this year by selling 77% interest in the steelmaking coal unit to Swiss miner Glencore Plc. The deal, one of the largest in the industry, was completed in July.
The deal was part of Teck's transition into a pure-play energy transition metals company.
"We have returned more than $1.3 billion to shareholders so far this year, while also reducing debt and ramping-up copper production," CEO Jonathan Price said in a statement
The company reported an adjusted profit of C$0.60 ($0.4340) per share for the quarter ended Sept. 30, compared with analysts' average estimate of C$0.37 per share, according to data compiled by LSEG.
($1 = 1.3824 Canadian dollars)
E
(Reporting by Mrinalika Roy and Surbhi Misra in Bengaluru; Editing by Rashmi Aich and Janane Vengatraman)
