Teck Resources reports Q4 profit up and record copper production

Teck sees jump in copper

Photo: The Canadian Press

The Teck Resources logo is seen on a podium before the company's special meeting of shareholders, in Vancouver, B.C., Wednesday, April 26, 2023.THE CANADIAN PRESS/Darryl Dyck

Teck Resources Ltd. reported its fourth-quarter profit rose compared with a year earlier as it ramped up operations at its Quebrada Blanca mine and produced a record amount of copper.

The Vancouver-based mining company says it earned a profit attributable to shareholders of $483 million or 92 cents per diluted share for the quarter ended Dec. 31, up from $266 million or 51 cents per diluted share a year earlier.

On an adjusted basis, Teck says it earned $1.40 per diluted share in its latest quarter, up from an adjusted profit of $1.07 per diluted share a year earlier.

Revenue totalled $4.11 billion, up from $3.14 billion in the fourth quarter of 2022.

Production in the quarter totalled 103,000 tonnes of copper, up from 65,000 tonnes a year earlier, while zinc in concentrate production amounted to 182,000 tonnes, up from 143,000 a year earlier. Refined zinc production totalled 70,000 tonnes, up from 46,000.

Teck's steelmaking coal production rose to 6.4 million tonnes for the quarter, up from 4.9 million tonnes a year earlier.