Teck announces employee death, lowers production guidance at copper mine project

VANCOUVER — Teck Resources Ltd. announced the death of an employee at its Quebrada Blanca copper mine expansion in Chile as it reported a profit attributable to shareholders of $510 million in its second quarter, down from $1.7 billion for the same period last year.

CEO Jonathan Price says learnings from the investigation into the employee’s death are being shared across the company and with industry peers to prevent future incidents.

Teck lowered its annual production guidance for the copper mine project to 80,000 from 100,000 tonnes due to delays in construction and commissioning.

It says its profits for the quarter, ended June 30, amounted to 97 cents per diluted share compared with $3.07 per diluted share a year earlier.

Revenue in the quarter totalled $3.5 billion, down from $5.3 billion in the second quarter of 2022.

On an adjusted basis, Teck says it earned $1.22 cents per diluted share for its most recent quarter, down from an adjusted profit of $3.25 per diluted share a year earlier.

This report by The Canadian Press was first published July 27, 2023.

Companies in this story: (TSX:TECK.B)

The Canadian Press