Teck Resources reports $459M loss in Q4 on lower commodity prices
Mining site near the St. Nicholas Coal Breaker in Mahanoy City, Pa., on April 29, 2015. (Matt Slocum / AP)
The logo for Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK). Shares in the company tumbled more than seven per cent Tuesday morning after an explosion in a coal dryer shut down its Greenhills coal mine near Elkford, B.C.
The Associated Press
Published Thursday, February 11, 2016 10:59AM EST
VANCOUVER - Mining company Teck Resources (TSX:TCK.B) is reporting a loss of $459 million in its fourth quarter, hurt by a decline in commodity prices.
The loss amounts to three cents of adjusted earnings per share, compared to a profit of $129 million, or 20 cents per share for the same period a year earlier.
The loss includes a $536 million after-tax impairment charge.
The Vancouver-based miner says it has been hit by the falling prices of steelmaking coal, copper and zinc, which declined between 11 to 20 per cent last year, compared with 2014.
The value of steelmaking coal has fallen as much as 40 per cent compared with prices during the financial crisis of 2008-2009.
The company says concerns about oversupply and the slowdown in the Chinese economy have caused commodity prices to erode.