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BRIEF-Teck posts Q4 loss per share C$0.80

Published 2016-02-11, 05:41 a/m
© Reuters.  BRIEF-Teck posts Q4 loss per share C$0.80
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Feb 11 (Reuters) - Teck Resources TCKb.TO :
* Reports unaudited fourth quarter results for 2015
* Q4 adjusted earnings per share C$0.03
* Q4 loss per share C$0.80
* Q4 earnings per share view c$-0.02 -- Thomson Reuters I/B/E/S
* Says steelmaking coal production in 2016 is expected to be between 25 and 26
million tonnes
* Total non-cash after-tax impairment charges for 2015 amounted to $2.7
billion, of which $536 million was taken in Q4
* Q4 revenue C$2.14 billion versus C$2.26 billion last year
* Says "the commodity cycle continues to provide US with a very challenging
environment"
* Q4 copper production 96,000 tonnes versus 83,000 tonnes
* Near-term priorities are to keep all of operations cash flow positive, meet
commitment to fort hills with internal sources of funds
* Q4 steelmaking coal production 6.4 million tonnes versus 6.8 million tonnes
* Steelmaking coal production in first half of 2016 expected to be lower than
second half
* Steelmaking coal production in 2017 is expected to remain similar to 2016,
assuming current market conditions persist
* We do not expect a substantial recovery in price until additional supply cuts
occur or demand increases"
* Says expect 2016 copper production to be in the range of 305,000 to 320,000
thousand tonnes
* Exploring options to maintain production at similar levels in 2018 and beyond
after closure of coal mountain in late 2017.
* Says reduced capital spending in the current year and are reducing planned
spending in future years
* Financial results in the fourth quarter and for 2015 were significantly
affected by the decline in commodity prices
* In Q4, recorded asset impairment charges on investment in fort hills, coal
mountain, carmen de andacollo operations of $736 million pre-tax
* Q4 revenue view C$1.94 billion -- Thomson Reuters I/B/E/S
* Says approved capital expenditures for 2016, before capitalized stripping
costs, are approximately $1.4 billion

* Source text for Eikon
* Further company coverage TCKb.TO

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