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Teck Resources revenues jump on higher steelmaking coal price

Published 10/27/2016, 02:56 PM
Teck Resources revenues jump on higher steelmaking coal price
  • Teck Resources (TCK -0.4%) is slightly lower despite reporting significantly higher than expected Q3 revenues and raising its production forecast for the year.
  • TCK, the largest producer of steel-making coal in North America, expects FY 2016 production at 27M-27.5M metric tons, compared with its previous forecast of 26M-27M metric tons, with sales at or above 6.5M metric tons in Q4.
  • Q3 operating costs fell 7.3% to C$800M, but the company expects unit costs to rise in Q4 as it plans to increase the use of contractors and higher cost equipment to maximize production.
  • TCK says construction of the Fort Hills oil sands project in Alberta is more than 70% complete; TCK owns a 20% stake in the 180K bbl/day project, which is majority-owned by Suncor Energy.

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