Canada’s largest diversified miner, Teck Resources, on Tuesday posted an 84% drop in first-quarter profit, as the coronavirus pandemic hit prices hard for the commodities that the miner produces.
The TSX- and NYSE-listed company reported adjusted profit of C$94-million, or C$0.17 a share, for the first quarter of the year, compared with $587-million, or C$1.03 a share, a year ago.
Teck was hard hit by prices for steelmaking coal, copper, zinc and oil falling sharply in the first three months of the year. On average, its average realised steelmaking coal price declined to C$176/t, compared with C$248/t a year ago.