Company now owns 90% of Compañía Minera Teck Quebrada Blanca, which main asset is the namesake copper project in Northern Chile.
Teck Mining News
Company expects to lose about 200,000 tonnes in steelmaking coal output.
The firm, North America's No.1 producer of coking coal, said the boost in profit was mainly thanks to the reversal of an impairment charge related to an improvement in the outlook for steelmaking commodity.
Project is on track to reach 90% of capacity — or 194,000 barrels per day — by the end of the year.
CEO Patrick Pouyanne said the company’s priority was "value over volume", adding that oil sands were among the high breakeven projects in Total's portfolio.
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After acquiring Goldcorp's 21% in San Nicolás, Canada's largest diversified miner will be the Zacatecas-based copper-zinc project sole owner.
The Lewis project would be located about 25 km northeast of Fort McMurray and could eventually produce up to 160,000 barrels a day.
The Frontier project is located 110 kilometres north of Fort McMurray, in Alberta, around 40 kilometres from the Fort McKay First Nation's reserve.
Zinc was the second-best performing commodity in 2016, with a staggering 65.7% return.
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.