VANCOUVER – Teck Resources Ltd. reported a profit in its latest quarter compared with a loss a year earlier, helped by record copper production.
The Vancouver-based mining company said Thursday it earned a profit from continuing operations attributable to shareholders of $385 million or 75 cents per share for the quarter ended Dec. 31.
The result compared with a loss of $167 million or 32 cents per diluted share in the last three months of 2023.
On an adjusted basis, Teck says it earned 45 cents per diluted share from its continuing operations, up from an adjusted profit of four cents per share a year earlier.
Teck chief executive Jonathan Price said the record copper production came as the company saw strong performance at its Quebrada Blanca operations in northern Chile.
“2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production,” Price said.
Revenue for the quarter totalled $2.8 billion, up from $1.8 billion.
Copper production in the quarter amounted to 122,000 tonnes, up from 103,000 a year earlier, while zinc in concentrate totalled 146,000 tonnes, down from 182,000 tonnes. Refined zinc production totalled 62,000 tonnes, down from 70,000 tonnes a year earlier.
Teck closed the sale of its remaining interest in its steelmaking coal business, Elk Valley Resources, to Swiss commodities giant Glencore last summer.
The company has used the proceeds from the sale to help reduce debt, fund its near-term copper growth, and reward shareholders in the form of buybacks and dividends.
Teck said Thursday that it returned $1.8 billion to shareholders through share buybacks and dividends in 2024, including $549 million in the fourth quarter.
It also said it reduced its debt by US$196 million in the fourth quarter, including a scheduled semi-annual repayment on the Quebrada Blanca project financing facility. Teck said it reduced its debt by US$1.8 billion last year.
This report by The Canadian Press was first published Feb. 20, 2025.
Companies in this story: (TSX:TECK.B)
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