Big 4th quarter profit jump at Teck
A big jump in year to year earnings at Teck.
The company reported unaudited record 4th quarter profits of 930 million dollars, or a dollar 61 per share...compared with 16 million or 3 cents a share in the 4th quarter of 2015.
Annual adjusted profits for the year was 1.1 billion, compared with 188 million in 2015.
President and CEO Don Lindsay says they had a very good year in 2016, coming through one of the longest and deepest down cycles their industry has faced and emerging as a stronger company.
Locally in Trail, Refined zinc production in the fourth quarter contributed to a new annual
production record, primarily due to higher plant availability.
Refined lead production also set a new annual production record due to improved operating reliability and higher lead inputs in the feed mix compared to last year.
Operating costs in the fourth quarter of $110 million were $21 million higher than a year ago due to higher energy costs and timing of the annual Kivcet maintenance shutdown