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Teck Resources Q1 Profit Surges; To Buy Back $500 Mln Shares; Backs FY22 Production View

Mining company Teck Resources Limited (TECK, TECK_A.TO, TECK_B.TO) reported Wednesday that its first-quarter profit attributable to shareholders was C$1.57 billion or C$2.87 per share, compared to last year's C$305 million or C$0.57 per share a year ago.

Adjusted profit attributable to shareholders was C$1.62 billion or C$2.96 per share, compared to C$326 million or C$0.61 per share last year.

Adjusted EBITDA was a quarterly record at C$3.04 billion, more than three times higher than the C$967 million in same period last year.

Revenue surged to C$5.03 billion from prior year's C$2.55 billion.

Further, the company announced that it intends to repurchase a further $500 million in Class B subordinate voting shares.

Looking ahead for fiscal 2022, the company continues to project copper production of 273 thousand tonnes to 290 thousand tonnes, and Zinc production of 630 thousand tonnes to 665 thousand tonnes.

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