Teck Resources’ metallurigcal coal business is buzzing.
Mining.com reports coking coal accounted for 72 per cent of its gross profits during the first nine months of this year.
The Vancouver based mining giant, which has five coal operations in the Elk Valley, says it moved a record 79 million bank cubic meters during the third quarter.
Third quarter steelmaking coal sales reached 7.54 million tonnes, the company’s second highest quarterly sales on record.
Teck expects total 2017 production at the lower end of 27-27.5 million tonnes.
That’s the good news.
The bad news, however, is last week investors marked the company’s share down nine per cent, wiping approximately $1.5 billion off its value in New York.
– with files from Mining.com