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1Q Results for the Three Months Ended March 31, 2011
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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/18/11 -- Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) reported earnings attributable to our shareholders of $461 million, or $0.78 per share. Adjusted quarterly profit was $450 million, or $0.76 per share, more than double the $198 million reported in the first quarter of 2010.
"Our adjusted earnings of $0.76 per share for the first quarter were more than double the $0.34 per share in the first quarter last year. The increase was due mainly to significant increases in the prices of coal and copper, notwithstanding lower sales volumes of coal. The quarter did present its challenges with an unusual number of operating issues affecting our production in both copper and coal and adverse weather conditions affecting our rail and port services," said Don Lindsay, President and CEO. "We are pleased that the strike at our Elkview coal mine was settled earlier this month and with the benchmark coal price expected to be about US$330 per tonne for our highest quality products and we anticipate improved earnings from coal in the second quarter. We are also reviewing initiatives to improve copper concentrate production at our Carmen de Andacollo mine in Chile and are advancing our copper, coal and oil sands expansion projects through various stages of development."
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..........RL
