Teck Resources to Delay Opening of BC Mine as Part of Cost-cutting Measures

CBC reported today that Teck Resources Ltd. (TSX:TCK.B) will delay the start of its Quintette coal mine in Tumbler Ridge, BC. Teck also plans to cut 600 jobs worldwide after posting profits amounting to less than half of what it made in last year’s first quarter.

Additionally, the company will also reduce spending on development projects and defer equipment purchases to mitigate the impact of this year’s low coal prices.

As quoted in the publication:

The Vancouver-based mining company, which has been coping with low prices for commodities such as copper and coal, said its adjusted profit for the three months ended March 31 amounted to 18 cents per share — down from $328 million or $0.56 per share in 2013.

Click here to read the full CBC article.