Move will give the Vancouver miner 80% ownership of Zafranal Peru copper mine project
Teck Resources Limited Mining News
The mining giant, North America's largest producer of steel-making coal, has raised its production forecast for the year.
Watchdog worried about sovereignty issues in the country’s resource sector.
The project, renamed NuevaUnion, would be one of the largest copper-gold-molybdenum mines ever-developed in Latin America.
The company's shares have almost tripled this year, making it the best-performing global miner amid the rebound in commodity prices and a projected fivefold improvement in earnings.
Canada’s largest diversified miner logged a 38% increased in overall profit for the first quarter of the year.
The now contained spill, which happened at Teck's Trail smelting and refining plant in British Columbia, lasted for about 15-20 minutes.
The loss includes a Cdn$598 million impairment charge on its Fort Hills oil sands project in Alberta.
The 50/50 joint venture, momentarily named Project Corridor, is expected to help slash development costs as metal prices have dropped to multiyear lows.
With the announced cuts the diversified miner brings the total redundancies over the past 18 months to about 2,000.
Earnings, however, beat analysts’ estimates as Canada’s largest diversified miner cut costs to deal with weak commodity prices.
The project is expected to boost output in northern Alberta by 180,000 barrels a day, with production set to begin by the fourth quarter of 2017.
The miners expect significant savings and environmental advantages by combining the two neighbouring projects, which are only 40 kilometres apart.
The Vancouver-based miner profit fell 21% in the quarter, making it adjust its 2015 coal production forecast to 25-26 million tonnes from 26.5-27.5 million tonnes.
Teck Resources Ltd. is delaying the planned startup of a multibillion-dollar oil sands mine by at least five years, becoming the latest company to push back development as shaky energy markets threaten profits in the high-cost sector.
Teck is facing sanctions over infractions that include openings in the deposit where the ore is stored and a failure to build sufficient water infrastructure.
The gold miner is said to be evaluating whether to put its Zaldivar copper mine on the block as it tries to meet an ambitious debt reduction target.
Teck Resources Limited (TSX:TCK.B) saw its 2014 profit fall by more than half compared with 2013 as copper and steelmaking coal prices remained low throughout the year.
Teck Resources Ltd. reported adjusted profit of $159 million for the three months ended September 30, 2014
The price drop overshadowed the miner’s coal sales increase during the quarter, which totalled 6.8 million tonnes, compared with 6.3 million tonnes a year earlier.
Weak commodity prices hurt Teck's three core business units —coal, copper and zinc— but coal was particularly hard hit due to increased supply from Australia, the company said.
Fort Hills has an estimated contingent resource of 3.3 billion barrels of bitumen.
The Vancouver-based firm also increased its cost reduction target to $300 million, up from the previous target of $250 million.
Miner blamed sharp drops in coal and copper prices for the lower profit.
Elk River Valley coal mining activities linked to extremely toxic levels of selenium in nearby river.