Teck Resources beats quarterly profit on higher copper prices, output
BNN Bloomberg
Teck Resources beat fourth-quarter profit expectations on Thursday, helped by a surge in copper prices and production, as the Canadian miner advanced its proposed merger with Anglo American.
The beat underscores Teck’s growing leverage to copper, a metal central to electrification and energy transition demand, while the company works to complete a merger that would create one of the world’s largest copper producers.
Teck and Anglo shareholders voted in favor of the merger in December, paving the way for the creation of a copper heavyweight and leaving regulatory approvals as the final hurdle.
Teck and Anglo first announced plans in September in a US$53 billion all-stock, nil-premium merger that would create the world’s fifth-largest copper producer.
Both companies have undergone significant restructuring in recent years, driven in part by previous takeover attempts.
Teck said realized copper prices rose 22.5 per cent in the fourth-quarter to $5.11 per pound, while production rose nearly 10 per cent to 134,000 tons.
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