(Reuters) - Canadian miner Teck Resources Ltd
The blow from the health crisis is the latest setback as copper and other base metal prices were already under pressure from the long-drawn tariff war between the United States and China.
The miner has suspended its 2020 financial forecasts, temporarily suspended construction at its Quebrada Blanca Phase 2 project in northern Chile and withdrawn an application to build a C$20.6 billion Frontier oil sands mine in Alberta to ride out the storm.
Production at its steelmaking coal operations, Teck Resources' biggest business, fell 19.7% to 4.9 million tonnes in the first quarter, while copper declined 1.4%.
During the quarter, the company was forced to reduce Fort Hills to a single-train facility resulting in lower production of bitumen and contributing to an impairment of $474 million.
The Vancouver-based company said adjusted profit attributable to shareholders fell to C$94 million ($66.4 million), or 17 Canadian cents per share, from C$587 million, or C$1.02 per share, a year earlier.
Analysts on average had expected the company to earn 20 Canadian cents per share according to Refinitiv IBES.
Revenue fell 23.5% to C$2.38 billion.
The company said operating crews have been increased to 75% from 50% of regular workforce levels at its steelmaking coal and Highland Valley Copper mine in British Columbia.
