Teck Resources Ltd (NYSE:TECK)
$ 46.43 -1.17 (-2.46%) Market Cap: 23.82 Bil Enterprise Value: 25.98 Bil PE Ratio: 69.09 PB Ratio: 1.34 GF Score: 83/100
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Q3 2024 Teck Resources Ltd Earnings Call Transcript

Oct 24, 2024 / 03:00PM GMT
Release Date Price: $46.81 (-5.53%)

Key Points

Positve
  • Teck Resources Ltd (TECK) successfully completed the sale of its steelmaking coal business, receiving USD 7.3 billion in cash.
  • The company returned $720 million to shareholders through dividends and share buybacks in the third quarter, totaling over $1.3 billion year-to-date.
  • Teck Resources Ltd (TECK) achieved a consecutive record quarter in copper production, with QB operations ramping up.
  • The company improved its zinc net cash unit cost guidance by $0.10 per pound, reflecting strong operational performance.
  • Teck Resources Ltd (TECK) was recognized on the Forbes list of the World's Best Employers 2024, highlighting its positive workplace environment.
Negative
  • Teck Resources Ltd (TECK) experienced a fatality at its Antamina operation, prompting a thorough investigation and safety review.
  • The company lowered its copper production guidance for 2024 and 2025 due to lower expected production from Highland Valley and QB operations.
  • Teck Resources Ltd (TECK) recorded a non-cash after-tax impairment charge of $828 million on its Trail operations due to challenging market conditions.
  • The company faced operational challenges at QB, including lower grade ore and unplanned maintenance, impacting production.
  • Teck Resources Ltd (TECK) is closely monitoring the political situation in Mexico, which could affect its San Nicolas project.
Operator

Ladies and gentlemen, thank you for standing by. Welcome to Teck's third-quarter 2024 earnings release conference call. (Operator Instructions) This conference call is being recorded on Thursday, October 24, 2024. I would now like to turn the conference over to Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis. Please go ahead.

H. Fraser Phillips
Teck Resources Ltd - Senior Vice President - Investor Relations and Strategic Analysis

Thanks, Damien. Good morning, everyone, and thank you for joining us for Teck's third-quarter 2024 conference call. Please note today's call contains forward-looking statements. Various risks and uncertainties may cause actual results to vary. Teck does not assume the obligation to update any forward-looking statements.

Please refer to slide 2 for the assumptions underlying our forward-looking statements. In addition, we will reference various non-GAAP measures throughout this call. Explanations and reconciliations regarding these measures can be found in our MD&A and the latest press

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