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 Mining News
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.
Profits still down sharply from last year's third quarter.
A look at Canada's third-largest mining province.
The unemployment rate might have jumped in B.C. in July, but the local tourism and mining sector held the city's numbers steady.
The Vancouver-based firm also increased its cost reduction target to $300 million, up from the previous target of $250 million.
A gold-antimony-silver project in Idaho.