(Vancouver) Teck Resources said its second-quarter profit fell from a year ago, partly because of its reduced stake in steelmaking coal business Elk Valley Resources, as well as lower steelmaking coal prices.
The Vancouver-based miner said it reported a profit attributable to shareholders of $363 million, or 70 cents per diluted share, for the quarter ended June 30. Teck had posted a profit of $510 million, or 98 cents per diluted share, in the same quarter last year.
Revenue totaled $3.87 billion, up from $3.52 billion in the second quarter of 2023.
On an adjusted basis, Teck said it earned 79 cents per diluted share from continuing operations, down from $1.22 per diluted share a year earlier.
Earlier this month, the federal government approved the sale of Teck’s remaining 77% stake in Elk Valley Resources to Swiss commodities giant Glencore, allowing the Vancouver-based company to become a pure-play metals producer.
Chief Executive Jonathan Price said Teck would use the $7.3 billion it received in the deal to reduce debt, fund near-term growth in its copper business and return “significant cash” to shareholders.