Reuters reported the price of Teck Resources Inc shares dropped after lower coal and metal prices caused company quarterly profit to decrease.
As quoted in the report:
Vancouver-based Teck, Canada’s largest diversified miner, said economic uncertainties in Europe and the United States and ebbing growth in China, India and other emerging markets held back demand and prices for many of its products in the quarter.
Desjardins Securities analyst John Hughes commented:
Overall, we view the 2Q12 results as disappointing due to the increase in operating costs at the company’s major operating divisions.