Teck triples earnings, met coal prices at 'unprecedented' levels
Teck (NYSE:TECK) said today its adjusted EBITDA was a record $2.1 billion in Q3 2021, more than triple the same period last year.
The Vancouver-headquartered diversified miner said realized copper, zinc and steelmaking coal prices were US$4.25 per pound, US$1.38 per pound and US$277 per tonne, respectively, in the month of September.
Profit attributable to shareholders was $816 million or $1.53 per share and adjusted profit attributable to shareholders was $1.0 billion or $1.91 per share in Q3 2021, more than 7 times higher than the same period last year.
It's zinc mine suffered delays. Red Dog zinc sales volumes were 162,000 tonnes in Q3 despite a delayed start to the shipping season due to ice conditions and significant weather-related delays.
Copper and coal were stand outs.
"Our copper business unit gross profit increased 117%, supported by an average realized copper price of US$4.28 per pound and copper production of 70,700 tonnes, in line with plan," said Teck. "Sales of steelmaking coal were 5.9 million tonnes in Q3 2021, with approximately 1.9 million tonnes or 32% sold to China significantly above FOB Australia prices. The FOB Australia prices increased sharply in the latter half of Q2 and continued to increase to unprecedented levels through Q3."
Teck is up %124 over the past year to $28.20 a share.
By Kitco NewsFor Kitco News
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