Teck Resources Ltd. (TCK, TCK_A.TO, TCK_B.TO) announced that its fourth-quarter net earnings were C$411 million or C$0.70 per share, compared to a loss of C$607 million or C$1.28 loss per share in the same period last year.
Net earnings in the fourth quarter included positive after-tax pricing adjustments of C$58 million and an after-tax gain of C$134 million from the sale of our interest in the Morelos gold project in Mexico. Partly offsetting these items were asset impairment charges of C$68 million on an after-tax basis related to our oil sands projects. The loss in 2008 included asset impairment charges of C$844 million and negative pricing adjustments of C$270 million on an after-tax basis.
The company said that adjusted net earnings were C$312 million in the quarter compared to C$130 million in 2008 as a result of higher base metal prices offset by significantly lower coal prices and the effects of a stronger Canadian dollar.
Revenues from operations were C$2.17 billion in the fourth quarter compared to C$1.60 billion a year ago.
The company expects that Highland Valley's copper production will be about 100,000 to 105,000 tonnes in 2010, and in 2011.
For comments and feedback: editorial@rttnews.com