Teck Resources Falls as China Increases Coal Tariffs

Teck Resources Ltd. (TSX:TCK.B) saw its shares drop this Thursday following announcements from China that the country would increase tariffs on coal imports. China has said it will up the tariffs from 3 percent to 6 percent by October 15.

As quoted in the publication:

It is unclear what portion of Teck’s revenues from China were generated by coal sales, but coal represented 44 percent of the company’s total revenue in 2013, followed by copper and zinc, which accounted for 27 percent and 12 percent, respectively.

China’s sudden announcement of the import levies is its latest effort to limit coal imports and follows nearly a year of intense lobbying by China’s top miners, which have pressed the government to stem a flood of cheap supplies that has inundated the domestic market and dragged local prices to a six-year low.

Click here to read the full article.