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Prices for the metal are up 54%
Canadian miner Teck Resources Ltd reported a 246.8 per cent jump in first-quarter adjusted profit on Wednesday, driven by higher copper prices as COVID-19 vaccine rollouts boosted investment demand for raw materials.
Average price realized for copper rose 54% to US$3.92 per pound in the first quarter, while sales stood at 67,000 tonnes compared with 73,000 tonnes a year earlier.
Production at Teck Resources’ steelmaking coal operations rose 20 per cent to 5.9 million tonnes in the first quarter.
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Average price realized for steelmaking coal was flat at $131 per tonne, while sales stood at 6.2 million tonnes compared with 5.7 million tonnes a year earlier.
Net adjusted income rose to $326 million, or 61 cents per share, in the first quarter ended March 31, from $94 million, or 17 cents per share, a year earlier.
Analysts were expecting a profit of 62 cents, according to Refinitiv IBES data.
© Thomson Reuters 2021