Earnings, however, beat analysts’ estimates as Canada’s largest diversified miner cut costs to deal with weak commodity prices.
Teck Resources Mining News
The company has entered into an agreement to acquire a portfolio held by Teck for C$28 million, with an additional C$2.5 million paid on confirmation of certain rights.
So far, copper prices have failed to react significantly to news of supply disruptions, remaining more responsive to news from China, the world’s largest consumer.
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.
BHP already operates the world’s largest copper mine, Escondida, which sits, quite literally, across the road from Zaldivar.
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 company says each of its six mines will be shut down for three weeks in the third quarter.
Canada’s largest diversified miner says slashing the dividend by two-thirds will allow it to keep generating positive cash flow.
Vancouver-based company contradicts earlier Bloomberg report saying it is in talks with Chile's Antofagasta about combining copper assets.
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.
Copper tumbled Wednesday to fresh six-year lows, dipping below $5,500 a tonne. Stocks in miners of the industrial metal are getting hammered.
This was the second time that Antamina’s workers down tools in about a month over demands for a bonus and other benefits.
Unionized workers at Antamina downed tools at midnight Wednesday.
End of strike at Peru’s biggest copper mine and weaker oil prices drove Dr. Copper goes to the ICU.
But unionized workers insist on claiming that Antamina's output would likely drop by at least 90%.
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.
Teck, which owns 20% of the project, claims it is “one of the best undeveloped oil sands mining assets in the region.”
Erdene Resource owns the Altan Nar gold-polymetallic project, located in southwest Mongolia, 200 kilometres from the border with China.
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.
Downward trending metallurgical coal prices has prompted Dundee Capital Markets to lower its 2014 and 2015 forecasts for the commodity, leading to a price target cut on Teck Resources.
Lower prices for key products.
Moderating Chinese manufacturing growth and worries about new supply give pause to the bulls.
AQM is focussed on a property in southern Peru.