- Teck Resources (TSX:TECK.A and TECK.B; NYSE:TECK) reported its unaudited Q3 2024 results, showing achievements and financial performance
- Teck achieved another consecutive record quarter of copper production, with 114,500 tonnes produced, including 52,500 tonnes from the Quebrada Blanca mine
- Q3 marked a new era for Teck as it successfully transformed into a pure-play energy transition metals company, focusing on leading copper growth
- Teck Resources Ltd. opened trading at C$46.36 per share
Teck Resources (TSX:TECK.A and TECK.B; NYSE:TECK) reported its unaudited Q3 2024 results, showing achievements and financial performance.
Key highlights
- Record copper production: Teck achieved another consecutive record quarter of copper production, with 114,500 tonnes produced, including 52,500 tonnes from the Quebrada Blanca (QB) mine.
- Financial performance: The company reported an adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of C$986 million, driven by strong base metals pricing and zinc sales volumes from the Red Dog mine. Adjusted profit from continuing operations attributable to shareholders was C$314 million, or $0.61 per share.
- Shareholder returns: Teck returned C$720 million to shareholders in the third quarter through share buybacks and dividends. From Jan. 1 to Oct. 23, 2024, the company has returned more than C$1.3 billion to shareholders.
- Debt reduction: The company reduced its debt by US$1.5 billion through a bond tender offer and repayment of short-term loans.
- Liquidity: As of Wednesday, Teck’s liquidity stood at C$11.9 billion, including C$7.8 billion in cash.
- Guidance: Because of the ongoing work to improve copper recovery and equipment reliability extending into the first half of 2025, the team has updated its 2025 QB annual copper production guidance to 240,000 to 280,000 tonnes and molybdenum production to 4.0 to 5.5 thousand tonnes.
Transformation
Teck successfully transformed into a pure-play energy transition metals company in Q3, focusing on leading copper growth. The company completed the sale of its remaining interest in the steelmaking coal business, Elk Valley Resources, receiving cash proceeds of US$7.3 billion.
CEO’s statement
“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,” Jonathan Price, Teck’s president and CEO, said in a news release. “We closed the sale of our remaining interest in the steelmaking coal business and have returned over C$1.3 billion to shareholders so far this year, while also reducing debt and ramping-up copper production.”
About Teck Resources
Vancouver-based Teck Resources is one of Canada’s leading mining companies with major business units focused on copper, zinc and steelmaking coal.
Teck Resources Ltd. (TSX:TECK.A) opened trading at C$46.36 per share and has grown 15.12 per cent since the beginning of the year.
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(Top photo: Teck Resources Ltd.)