Teck Resources coal sales to exceed prior outlook
Shares in Canada’s Teck Resources (TSX:TCK.B) (NYSE:TCK) climbed slightly Friday after the company announced that coal sales for the fourth quarter are expected to top its prior outlook of 6.2 million tonnes.
The Vancouver-based miner also said that first quarter production was not anticipated to be "materially impacted" by damage to Berth 1 at Westshore Terminals. This is because Teck plans to use alternative shipping options throughout the duration of the repairs at Westshore, including securing additional capacity at different terminals.
The company added that any expected shortfall in first quarter shipping capacity won’t affect first quarter production, as “there is additional inventory capacity and the potential to secure further shipping capacity at the terminals.”
Demand for coal has picked up in international markets, and rising natural gas prices in the U.S. could boost domestic demand as well.
Teck’s shares are up 0.8% at $35.83 in a 52-week range of $26.12 to $43.99 at The Toronto Stock Exchange at 1:55 ET.