Teck Resources quarterly adjusted profit falls 66.6%

Canadian miner Teck Resources Ltd reported a 66.6% fall in third-quarter adjusted profit on Tuesday, as production of steelmaking coal decreased.

Miners around the world have been struggling after the Covid-19 pandemic wreaked havoc on the commodities market, forcing companies to shut mines, cut production and in some cases wind down certain operations.

Average price realised for steelmaking coal dropped 34.6% to $102 per tonne in the quarter, while sales stood at 5.1-million tonnes compared with 6.1-million tonnes a year earlier.

The Vancouver-based miner said copper sales fell to 69 000 tonnes from 75 000 tonnes.

Net adjusted income fell to C$130-million, or C$0.24 per share in the third quarter ended September 30 from C$389-million, or 69 Canadian cents per share, a year earlier.