Zinc was the second-best performing commodity in 2016, with a staggering 65.7% return.
Teck Mining News
The firm, North America's No.1 producer of coking coal, benefitted from the price rally — steelmaking coal climbed 155.5% to $207 in the quarter.
Cost per barrel, however, will remain at about $84,000 per flowing barrel of bitumen.
INTERACTIVE MAP: Together reserves at the global top 10 copper mining projects are worth more than $360 billion.
Move will give the Vancouver miner 80% ownership of Zafranal Peru copper mine project
The mining giant, North America's largest producer of steel-making coal, has raised its production forecast for the year.
Systematic cost cutting has taken some strain off Teck's balance sheet over the last few years as metal prices have slumped.
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.
Ceo Don Lindsay said the expenses being incurred on the project act as a tax shelter for the cash flow currently being generated by Teck’s coal and copper mines.
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.
Canada's dominant oil sands player, however, plans to spend about $900 million more next year.
With the announced cuts the diversified miner brings the total redundancies over the past 18 months to about 2,000.
Thirty percent production cut planned.
Acquired from majority owner Teck Resources Limited
Earnings, however, beat analysts’ estimates as Canada’s largest diversified miner cut costs to deal with weak commodity prices.
Teck jumps 14%.
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.
Teck Resources Ltd. (TSX:TCK.B)(NYSE:TCK) reported increased profit in 2015’s second quarter but as commodity prices slide, the company sees a greater risk of its credit rating being demoted from investment-grade.
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.