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Teck Resources Reports Second Quarter Results

Mining News - Published on Fri, 24 Jul 2020

Teck Resources Limited announced its second quarter 2020 results, outlining how the company has taken action to protect its people and position for improved margins and future growth as the world comes through the COVID-19 pandemic. President and CEO Mr Don Lindsay said “We remain focused on protecting our people and communities, while continuing to operate responsibly and safely to support the economic recovery in the wake of the pandemic. We took steps during the quarter to further strengthen our financial position, reduce costs and position Teck to significantly improve margins towards the end of 2020 and early 2021 as we complete major capital projects.”

Highlights

All operations are currently producing with comprehensive COVID-19 prevention measures in place.

COVID-19 had a significant negative effect on prices and demand for our products and our financial results in Q2 2020.

Adjusted profit attributable to shareholders in Q2 2020 of CAD 89 million

Adjusted EBITDA in Q2 2020 of CAD 485 million

Completed Elkview Operations plant expansion, reducing steelmaking coal operating costs and improving margins while maintaining total production capacity

QB2 construction activities gradually and safely ramping back up with over 3,000 people currently on site, 4,000 expected by the end of July and increasing to pre-suspension levels with a workforce of 8,000 by the end of October, as conditions allow.

Neptune Bulk Terminals upgrade project progressing in line with budget and schedule.

Financial Metrics
CAD in millionsQ2'20Q2'19YoY
Revenues17203138-45%
Gross profit before depreciation and amortization4531446-69%
Gross profit1391051-87%
EBITDA177827-79%
Adjusted EBITDA4851264-62%
Profit (loss) attributable to shareholders-149231-165%
Adjusted profit attributable to shareholders89498-82%
 

Source :

Posted By : Yogender Pancholi on Fri, 24 Jul 2020
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