Commodity prices have skyrocketed this year due to increased economic activity as countries around the world roll out COVID-19 vaccination programs and lift public health restrictions.
"It was a record quarter, but it will likely be exceeded by Q4," said Teck chief executive
Teck saw strong realized pricing for all of its principal products in the third quarter, particularly steelmaking coal, which rose to
Teck's realized zinc price climbed to
"This is a very exciting time for our industry and for Teck in particular," Lindsay said. "There are opportunities ahead with global growth and the transition to a lower carbon economy will drive new copper metal demand. And in the near term, given the current commodity outlook, we have the ability to generate significant EBITDA and free cash flow."
Teck confirmed Wednesday that construction of its massive new QB2 copper mine in
Copper is used extensively in renewable energy installations and electric vehicle systems.
However, Lindsay said while QB2 is expected to double Teck's consolidated copper production by 2023, construction costs for the new mine are now anticipated to be up to five per cent higher than the originally estimated
Teck also said Wednesday it is facing input cost pressures due to the rising cost of diesel, supplies and labour, as well as ongoing supply chain issues.
"We don't know how it's going to evolve," Lindsay said. "Obviously, there's supply disruptions in the global economy all over the place. And so we want to make sure that we flagged that . . . We're going to hit with it, too."
The
On an adjusted basis, Teck said it earned
The average analyst estimate had been for an adjusted profit of
This report by
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