![]() That, my friends, is exactly what we’ll be covering today. Support us by subscribing today: The Vancouver Sun | The Province.Facebook advertising has become one of the most popular ways to advertise.īecause it’s SUPER EFFECTIVE…if you know how to create the right Facebook ad images, that is. For just $3.50 per week, you can get unlimited, ad-lite access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites. Support our journalism: Our in-depth journalism is possible thanks to the support of our subscribers. premier John Horgan to join board of new coal business Teck Resources promotes Ian Anderson to chief commercial officer.On an adjusted basis, Teck says it earned $1.22 per diluted share for its most recent quarter, down from an adjusted profit of $3.25 per diluted share a year earlier. Revenue in the quarter totalled $3.5 billion, down from $5.3 billion in the second quarter of 2022. The company’s profit attributable to shareholders fell to $643 million for the three months ended June 30, down from $1.8 billion during the same period the year before, as global copper prices fell. Teck also reported the death of an employee at the QB2 mine site during the quarter. Price said Teck continues to expect the QB2 expansion project to be operating at full production rates by the end of this year, and added the company’s copper production guidance for the mine for 2024-2026 remains unchanged. The company said Thursday it now expects copper production of 330,000 tonnes to 375,000 tonnes this year, down from its previous estimate of 390,000 tonnes to 445,000 tonnes. ![]() The update on the coal business negotiations came as Teck lowered its annual production guidance for its flagship project - its Quebrada Blanca, or QB2 copper mine expansion in Chile - due to construction and commissioning challenges. “There will be a range of considerations we need to consider as we make those decisions,” he said. “We have deliberately sought to keep a very open mind here.” Price said the various parties that have expressed interest in Teck’s coal business have brought a forward a “range of proposals,” and added the board will only sign off on a deal that maximizes the value of the business. The Swiss company has said it also remains willing to pursue its offer for all of Teck. Glencore has since presented a new offer to Teck’s board, proposing to acquire the steelmaking portion of the company’s business for an undisclosed amount of cash. ![]() This advertisement has not loaded yet, but your article continues below. It had become apparent Teck did not have the required support for its proposal, which Glencore had lobbied against. But Glencore notched a victory of its own in April, when Teck called off a shareholder vote on its plan to spin off its steelmaking coal operations into a separate company. Teck’s board rejected Glencore’s original offer. Teck, Canada’s largest diversified mining company, has been working to split its coal assets from its base metal operations, in the hope of expanding its copper and zinc production to meet growing global demand for these metals, both of which are used in the production of electric vehicles and are considered to be key resources for the coming energy transition.īut a wrinkle was thrown into that plan this spring when Swiss commodities giant Glencore launched its $25-billion hostile takeover bid for Teck. ![]() We’re taking a very active and diligent approach to moving this forward as quickly as we can.” “But we’re not sitting on our hands here. We’ll take the time to get it right,” said Price, who took questions from financial analysts following the release of the company’s second-quarter earnings report. “I don’t want to say anything now to prejudge or pre-empt what the outcome might be.
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