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Investing.com - Teck Resources (NYSE:TECK) Limited reported fourth-quarter 2024 results on Thursday that exceeded analyst expectations, driven by record copper production and strong base metals pricing.
The Canadian mining company posted adjusted earnings per share of C$0.45, surpassing the analyst consensus of C$0.37. Revenue for the quarter came in at C$2.79 billion, above estimates of C$2.47 billion.
Teck achieved record quarterly copper production of 122,100 tonnes in Q4, with 60,700 tonnes coming from its Quebrada Blanca (QB) operation. This helped boost annual copper production to a record 446,000 tonnes in 2024, up 50% YoY.
The company’s copper business generated a gross profit before depreciation and amortization of C$732 million in Q4, up 160% from the prior year. Zinc operations saw gross profit before depreciation and amortization rise 112% YoY to C$320 million.
"2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production," said Jonathan Price, President and CEO.
Teck returned C$1.8 billion to shareholders through share buybacks and dividends in 2024, including C$549 million in the fourth quarter. The company reduced its debt by US$1.8 billion over the year.
For 2025, Teck forecasts copper production of 490,000-565,000 tonnes and zinc production of 525,000-575,000 tonnes.
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