Teck Resources tops third-quarter profit estimates, cuts full-year copper production forecast [Globe and Mail, The (Toronto, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Globe and Mail, The
decrease beat third-quarter profit estimates on Thursday, helped by higher copper production volumes at its Chile mine and on strong prices of the red metal. Copper prices remained elevated in the quarter, supported by optimism about Chinese demand following a series of stimulus measures from Beijing. Long-term demand view for the red metal continues to be bullish on the back of its critical role in the energy transition. Teck said copper prices rose by about 11.7 per cent from a year earlier and averaged around $4.21 per pound. The Quebrada Blanca (QB) mine in Chile reported record production during the quarter as operations continued to ramp up. This helped Teck achieve a jump of around 60 per cent in copper output to 115,000 metric tons. However, the company cut its full-year copper production forecast for the second time in a row, citing labour issues and mining delays at the Highland Valley Copper mine in Canada. It also reduced the upper end of its 2024 annual copper
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