Teck is banking on the limited coking coal mines in the world to help it secure a better valuation as the company runs a comprehensive review, which was sparked by"This business is positioned to capitalize on the global supply gap from existing mine depletion and a lack of new projects coming into production," Teck CEO Jonathan Price told analysts after the company reported quarterly earnings, that missed analysts estimates.
Vancouver-based Teck Resources missed profit estimates for second-quarter ended June and lowered its annual copper production outlook due to delays at a project in Chile. The Quebrada Blanca Phase 2 project in the South American country is one of the largest undeveloped copper resources in the world, and Teck had previously said it expected to achieve full production rates by the end of 2023. The company expects to meet this target.For the reported quarter, realized prices for steelmaking coal and copper fell 41% and 11% respectively, denting profit.
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