Vancouver mining company’s first quarter profit falls from year ago

Teck Resources Ltd. reported its first-quarter profit fell compared with a year ago due in part to its reduced ownership in its steelmaking coal business as well as lower copper and zinc prices and higher costs.

The Vancouver-based mining company says it earned a profit attributable to shareholders of $343 million or 65 cents per diluted share for the quarter ended March 31. The result compared with a profit of $1.14 billion or $2.18 per diluted share in the same quarter last year.

Revenue totalled $3.99 billion, up from $3.79 billion in the first quarter of 2023.