Teck Resources Q3 profits beat estimates due to higher copper production

Teck Resources, a Canadian mining company, beat its third-quarter profit expectations on Thursday thanks to higher copper production at the Quebrada Blanca mine.

According to LSEG, the company reported a profit adjusted of C$0.60 ($0.4340), per share, for the quarter ending Sept. 30. This compares with an average analyst estimate of C$0.37.

Teck restructured its business this year, selling 77% of the steelmaking coal unit it owned to Swiss miner Glencore Plc. The deal was one of the biggest in the industry and completed in July.

This deal was part Teck's transition to a pure-play company that specializes in energy transition metals.

Teck reported that copper prices increased by approximately 11.7% compared to a year ago and averaged $4.21 a pound.

The company produced approximately 115,000 metric tonnes of copper during the quarter reported, a 60% increase from a year ago.

Teck has lowered its copper production forecast for the full year to 420,000-455,000 tons from 435,000-500,000 tons. (1 Canadian dollar = 1.3824 dollars) (Reporting and editing by Rashmi aich in Bengaluru, Mrinalika roy and Surbhi misra)

(source: Reuters)