: Teck Reports Unaudited Third Quarter Results for 2
All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted. VANCOUVER, BRITISH COLUMBIA--(Oct. 26, 2017) -
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") reported adjusted profit attributable to shareholders of $621 million ($1.08 per share) in the third quarter compared with $152 million ($0.26 per share) a year ago.
"We are very pleased with our performance in the third quarter," said Don Lindsay, President and CEO. "We achieved strong operating results with our second highest quarterly sales for steelmaking coal and record zinc production at Antamina for the second consecutive quarter. With these strong operating results and favourable prices, our adjusted EBITDA was $1.4 billion, just over $700 million higher than in the third quarter of last year."
Highlights and Significant Items
Adjusted profit was $621 million ($1.08 per share) in the third quarter compared with $152 million ($0.26 per share) in the third quarter of last year. Profit attributable to shareholders was $600 million ($1.04 per share) in the third quarter compared with $234 million ($0.41 per share) a year ago. Adjusted EBITDA for the 12 months ended September 30, 2017 was $6.1 billion, which was $153 million higher than our previous twelve-month record of approximately $5.9 billion set in 2011. EBITDA was $1.4 billion in the third quarter compared with $804 million in the third quarter of 2016. Our adjusted EBITDA in the third quarter totaled $1.4 billion compared with $696 million last year. Gross profit was $1.1 billion in the third quarter compared with $452 million a year ago. Gross profit before depreciation and amortization was $1.5 billion in the third quarter compared with $817 million in the third quarter of 2016. We achieved record total material movement at our steelmaking coal business unit, moving over 79 million bank cubic meters (BCM's) in the quarter. Third quarter steelmaking coal sales reached 7.54 million tonnes, our second highest quarterly sales on record. We expect our steelmaking coal sales to be approximately 6.5 million tonnes in the fourth quarter. Antamina achieved record zinc production for the second consecutive quarter of 102,300 tonnes. Construction progress on the Fort Hills oil sands project has surpassed 96%. In order to accelerate commissioning, the Fort Hills plant initiated froth production in the quarter, which required operating the mine, ore preparation, primary extraction tailings and utilities areas. In September, we announced an increase in our zinc production guidance for our Red Dog operation. Red Dog's zinc production for 2017 is now expected to be in the range of 525,000 to 550,000 tonnes, up from the prior guidance range of 475,000 to 500,000 tonnes. The Red Dog concentrate shipping season is expected to be completed in the first week of November. We expect to ship approximately 1.0 million tonnes of zinc concentrate and 210,000 tonnes of lead concentrate representing all of the concentrate available to be shipped from the operation. In early October, we received approval to make a normal course issuer bid to purchase our Class B subordinate voting shares (Class B shares). We may purchase up to 20 million Class B shares during the period starting October 10, 2017 and ending October 9, 2018. For the eighth straight year, we have been named to the Dow Jones Sustainability World Index (DJSI), indicating that our sustainability practices are in the top 10% of the 2,500 largest companies in the S&P Global Broad Market Index (BMI). Our liquidity remains strong at approximately $4.9 billion, including US$3.0 billion of undrawn, committed credit facilities and over $1.0 billion of cash at October 25, 2017.
: Teck Resources one of Canada's Top 100 Employers
(und das sind ganz wenig von den Minenunternehmen, die das geschafft haben...)
Here are some of the reasons why:
- Teck Resources helps employees plan for the future with a defined contribution pension plan, retirement planning assistance and phased-in work options -- retirees may also be eligible for extended health benefits with no age limit, depending on employee group
- Teck Resources invests in the education of current and future generations, offering tuition subsidies for job-related courses for existing employees and academic scholarship for children of employees (to $1,750 per child)
- Teck Resources maintains an exceptional time-off policy, with most employees receiving 3 weeks of vacation to start, moving to 4 weeks after only 3 years on the job -- and, depending on their role, may be able to take advantage of flexible working arrangements as well as paid personal days off
Vancouver, B.C. ? Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (?Teck?) announced today that its Board of Directors has approved the distribution of cash to shareholders through a supplemental dividend of $0.40 per share and a share repurchase mandate equivalent to an additional $0.40 per share, in addition to its annual base dividend of $0.20 per share ($0.05 per quarter). Teck will pay an eligible dividend of $0.45 per share on its outstanding Class A common shares and Class B subordinate voting shares on December 29, 2017, to shareholders of record at the close of business on December 15, 2017. This dividend represents the regular quarterly dividend of $0.05 per share contemplated by Teck?s dividend policy and the supplemental dividend of $0.40 per share.
In addition to the $260 million aggregate dividend payment, taking into account Teck?s strong cash position and feedback from investors who favour share repurchases over dividends, the Board of Directors has directed management to apply an additional $230 million, or approximately $0.40 per share, to the repurchase of Class B subordinate voting shares through March 31, 2018 under Teck?s previously announced normal course issuer bid program. Purchases will be made opportunistically over this period, subject to relevant securities and stock exchange rules.
?The return of a total of $578 million, or $1.00 per share, to shareholders in 2017 through a combination of the base dividend, this supplemental dividend and our commitment to near term repurchases under our normal course issuer bid, reflects Teck?s strong free cash flow generation over the last 12 months, and strong outlook for our business,? said Don Lindsay, President and CEO.
?We want to ensure that shareholders benefit directly from our strong results,? said Dr. Norman Keevil, Chairman. ?We are also committed to adjusting our capital spending plans consistent with prudent management of our balance sheet as we move into 2018.?
The $578 million in dividends and planned share repurchases represents a yield of approximately 3.7% on the November 15, 2017 closing price of Class B subordinate voting shares on the Toronto Stock Exchange of $27.10 per share.
Teck?s normal course issuer bid program authorizes Teck to purchase up to 20 million Class B subordinate voting shares through the period ending October 9, 2018. Teck?s management will determine the timing of purchases, and may repurchase fewer or a greater number of shares, subject to the requirements of the issuer bid program.
Kurs reagiert schon deutlixh und wird hoffentlich die nächsten Wochen steigen....
"Kal brings to the role a strong background in information systems and technology and applied artificial intelligence. His ongoing leadership will be key to managing Teck's digital systems, which are critical to our safety, sustainability, cost reduction and productivity efforts."
Kal Rubeg ist schon seit 12 Jahren HO Mitarbeiter...
Trotzdem bleibt Teck viel zu günstig!! Bei einem Gewinn von ca. 2,5 MRD CDollar...oder auch ca. 4,5 pro Aktie sollte der Kurs min. Bei 42CDollar stehen...und wenn der Verkauf des Staudamms im 1 Quartal abgeschlossen ist kommen nochmals 1,2MRD rein....ich hoffe für QB 2....geht's dann los...
: Ausblick vom Fort Hill Projekt....interessant
Suncor's outlook for 2018 Fort Hills Production is currently 20,000 - 40,000 bbls/d in Q1, 30,000 - 50,000 bbls/d in Q2, 60,000 - 70,000 bbls/d in Q3, and 80,000 - 90,000 bbls/d in Q4. Suncor's outlook for 2018 Fort Hills cash operating costs per barrel is $70/bbl - $80/bbl in Q1, $40/bbl - $50/bbl in Q2, $30/bbl - $40/bbl in Q3, and $20/bbl - $30/bbl in Q4.
: Update on progress at the Fort Hills Project
vom 3. Januar
Suncor, as operator of the Fort Hills Energy Limited Partnership, has confirmed that during 2017, the mine, primary extraction, utilities and froth assets were commissioned. More than 80% of the Fort Hills plant is now operational and has safely run at full capacity through the test runs over the past four months. All three secondary extraction trains are mechanically complete with the first train in its final commissioning stage. First oil is expected in mid-January. The second and third trains are currently being insulated and expected to start up in the first half of 2018, as planned. Fort Hills remains on track to reach 90% capacity by the end of 2018.
The Fort Hills partners have resolved a previously announced commercial dispute. Suncor and Teck have each acquired an additional working interest in the Fort Hills project from Total E&P Canada (Total).
Suncor's share of the project has increased from 50.8% to 53.06% and Teck's share has increased from 20% to 20.89%. Total's share has decreased from 29.2% to 26.05%. Suncor and Teck have funded an increased share of the project capital, in the amounts of approximately $300M and $120M respectively, commensurate with the additional working interests, which may be further adjusted in accordance with the terms of the Fort Hills partnership agreement, as amended, based on the parties' respective contributions to project costs.
: February 14, 2018 (before market open)
The company will hold an investor conference call to discuss the fourth quarter 2017 earnings results at 11:00 a.m. Eastern time / 8:00 a.m. Pacific time on Wednesday, February 14, 2018. The conference call dial-in is 416.340.2216 or toll free 866.225.0198, no pass code required. Media are invited to attend on a listen-only basis.
A live audio webcast of the conference call, together with supporting presentation slides, will be available on Teck's website at www.teck.com.
To listen to a post-call recording of the call, dial 905.694.9451 or toll free 800.408.3053 and enter access number 1175737# when prompted. The recording will be available from 2:00 p.m. Pacific time February 14, 2018 to 11:59 p.m. Pacific time March 14, 2018.
The damage assessment has determined that repairs to the dryer may take in the range of four to six weeks. In the interim, Elkview is producing higher moisture steelmaking coals at approximately 80% of planned production levels. In order to manage the overall moisture level of our product we are coordinating production with our other operations in the Elk Valley, and blending the higher moisture coal with dry finished coal inventory and dry coal from other operations to the extent possible. We expect lost production in the range of 200,000 tonnes of clean coal. Costs of repair to the dryer are not expected to exceed $5-10 million.
"We are pleased to reach this important milestone. The production of first oil at Fort Hills is the culmination of the hard work of thousands of people since the project was sanctioned by the Fort Hills partners in 2013. We look forward to the ramp up to full production and to the continued growth of our energy business. Fort Hills is a long-life asset that will generate significant value for our company for decades to come. Its life cycle carbon intensity is projected to be lower than approximately half of the oil refined in North America."
Fort Hills project is ramping up production following the safe startup of secondary extraction on January 27, 2018. As expected, the first of three trains from secondary extraction is now online and production on this train will continue to ramp up through the first quarter.