CORRECTED-UPDATE 1-Teck Resources misses profit estimates on lower base metal prices

By Kitco News / July 25, 2019 / www.kitco.com / Article Link

(Corrects last paragraph to remove reference to company mininggold)July 25 (Reuters) - Canadian miner Teck Resources Ltdon Thursday reported quarterly profitslightly below analyst estimates, hurt by lower copper and zincprices.The ongoing U.S.-China trade war and slowing macroeconomicoutlook have hurt copper prices and other base metal prices,hurting Teck's income.Production at its steelmaking coal operations, its biggestbusiness, increased by about 1.6% to 6.4 million tonnes in thesecond quarter.But the company slightly trimmed its steelmaking coalproduction guidance to 25.5 million to 26 million in tonnes in2019, from an earlier guidance of 26 million to 26.5 milliontonnes.The Vancouver-based company said adjusted profit fell toC$459 million ($349.58 million), or C$0.81 per share, in thesecond quarter ended on June 30, from C$653 million, or C$1.12per share, in the year-ago period.Analysts on average expected the company to earn C$0.84 pershare, according to IBES data from Refinitiv.Teck, which mines copper and zinc, said revenue rose byabout 4% to C$3.14 billion. ($1 = 1.3130 Canadian dollars) (Reporting by Arunima Kumar and Akshay Balan in Bengaluru;editing by Gopakumar Warrier)

outside U.S. +91 80 6749 9300; Reuters Messaging:akshay.balan.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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