Teck Resources has retained its zinc and lead production guidance for H2, at 315,000-345,000mt and 45,000-50,000mt, respectively.
However, the Canadian miner’s copper guidance is lowered by 5,000mt to 145,000-160,000mt, owing to lower output expected from its Highland Valley mine in British Columbia.
In January-September, Teck’s copper and zinc concentrate production declined by 14pc and 27pc, respectively, to 198,000mt and 345,000mt, over the prior-year period. Metallurgical coal output also fell by 25.8pc to 15.1mn mt in the first nine months over the same period in 2019. However, refined zinc production increased by 1.8pc to 225,000mt in the same period under comparison.
In Q3 2020, copper, zinc, and lead output declined by 16pc, 17.2pc, and 9.8pc to 68,000mt, 133,000mt, and 26,300mt, respectively, compared with Q3 2019. Met coal production fell by 27pc to 5.1mn mt while refined zinc output rose by 1.1pc to 76,000mt in the same period under comparison.
Teck Resources’ revenue for the third quarter amounted to CA$2.2bn ($1.7bn), down from CA$3bn in the same quarter last year. It posted a net profit of CA$25mn in this period, compared with $373mn in Q3 2019.
| Production(in mt) | Aug-20 | Change (in pc) | Jan-Aug | Change (in pc) |
| Copper | 68,000 | -16 | 1,98,000 | -14 |
| Zinc (conc.) | 1,33,000 | -17.2 | 3,45,000 | -27 |
| Refined Zinc | 76,000 | 1.1 | 2,25,000 | 1.8 |
| Lead | 26,300 | -9.8 | ||
| Met. Coal (in mn mt) | 5.1 | -27 | 15.1 | -25.8 |