Teck Resources reports 459M loss in Q4 on lower commodity prices

VANCOUVER – Mining company Teck Resources (TSX:TCK.B) is reporting a loss of $459 million in its fourth quarter, hurt by a decline in commodity prices.The loss amounts to three cents of adjusted earnings per share, compared to a profit of $129 million, or 20 cents per share for the same period a year earlier.The loss includes a $536 million after-tax impairment charge.The Vancouver-based miner says it has been hit by the falling prices of steelmaking coal, copper and zinc, which declined between 11 to 20 per cent last year, compared with 2014.The value of steelmaking coal has fallen as much as 40 per cent compared with prices during the financial crisis of 2008-2009.The company says concerns about oversupply and the slowdown in the Chinese economy have caused commodity prices to erode.On the upside, the low price of oil has resulted in a positive effect for the company’s operating costs because it uses diesel at its mining operations.The construction of its Fort Hills oilsands property is expected to start production by the first quarter of 2017. The site has a reserve life of 50 years, which Teck says will help with its future exposure to varying energy prices.The company says it has also taken steps to reduce costs amid the challenging commodity prices environment.Last November, it announced it was cutting 1,000 jobs worldwide through a combination of layoffs and attrition as part of a plan to reduce spending this year by $650 million.Teck’s fourth-quarter revenue fell 5.4 per cent to $2.14 billion from $2.25 billion a year earlier. by The Canadian Press Posted Feb 11, 2016 8:49 am MDT Last Updated Feb 11, 2016 at 9:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Teck Resources reports $459M loss in Q4 on lower commodity prices read more

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