Teck Resources beats second-quarter profit estimates

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Canadian miner Teck Resources beat second-quarter profit estimates on Wednesday, on the back of higher production volume from its Quebrada Blanca copper mine in Chile and increase in prices of the red metal.

Teck said copper prices rose by 15% from a year earlier and averaged $4.42 per pound. Quarterly copper production saw a 71% jump from a year earlier, partly due to the ongoing ramp-up of operations at the QB mine. “Divestiture of the remaining steelmaking coal business has provided significant cash to bolster the balance sheet ahead of delivering the next leg of copper growth,” NBCFM analyst Shane Nagle said.

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