Teck Resources Reports Earnings Drop on Lower Met Coal Prices

The Globe and Mail reported that Canada’s Teck Resources (TSX:TCK.B) saw a decrease in its quarterly earnings. The drop was largely due to lower metallurgical coal prices, but also because of a fall in copper production.

As quoted in the publication:

Teck, the world’s second-largest exporter of sea-borne steel-making coal, said average realized prices for coal fell 21 per cent to $110 per tonne in the third quarter ended Sept 30.

The company said it would supply most customers at $119 per tonne for the highest quality coal in the current quarter.

Coal prices are the lowest since 2007 due to oversupply and weak Chinese demand, and several U.S. and Australian producers have closed mines.

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