TECK - Teck Resources: Solid Q1 With Copper Expansion Progressing
2024-04-25 18:14:07 ET
Summary
- Teck Resources Limited shares rallied 9% after reporting mixed quarterly results but positive data from its growth projects.
- Teck is selling its coal unit to become a pure-play metals company, with the remaining 77% stake set to be sold to Glencore for US$6.9 billion.
- The primary driver of Teck's business going forward is copper, with the Quebrada Blanca growth project expected to generate significant EBITDA once scaled up.
- Teck Resources is looking at acquiring Anglo American plc, and while I do not expect to sell, this speaks to enthusiasm around copper prospects.
Shares of Teck Resources Limited ( TECK ) rallied 9% on Thursday after reporting mixed quarterly results , but encouraging data from its growth projects. For recent investors, this was a welcome rally as shares are up just 8% over the past year, lagging the broader market’s gains....
Teck Resources: Solid Q1 With Copper Expansion Progressing