Teck Resources beats by CAD0.02, misses on revs :
- Reports Q2 (Jun) earnings of CAD0.01 per share, CAD0.02 better than the Capital IQ Consensus of (CAD0.01); revenues fell 13.0% year/year to CAD1.74 bln vs the CAD1.78 bln Capital IQ Consensus.
- Operations
- Elkview, Greenhills and Line Creek mines each set new second quarter and first-half production records in 2016. In addition, unit cash production costs at the mines were 10% lower this quarter than in the second quarter of 2015 as a result of initiatives undertaken through our cost reduction program, slightly higher production rates and lower energy prices.
- Consistent with normal maintenance practices, co completed the majority of our processing plant annual maintenance shutdowns during the second quarter, with the remainder scheduled for early in the third quarter. As such, we expect higher production levels in the second half of 2016.
- Guidance: Co updated our production and cash unit cost guidance for 2016 as a result of our strong first-half performance.
- Steelmaking coal production is now expected to be 1.0 million tonnes higher and in the range of 26 to 27 million tonnes.
- Copper production is now revised to 310,000 to 320,000 tonnes.
- Mined zinc production is now revised to 645,000 to 665,000 tonnes, including co-product zinc production from our copper business unit. -
- Cost of sales at steelmaking coal operations are expected to be $42 to $46 per tonne, down from $45 to $49 per tonne.
- Copper unit costs after by-product credits are expected
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