Teck Reduces Coal Sales Forecast on Avalanche Threat in British Columbia
Bloomberg.com reports that Teck Resources (TSE:TCK.B) blames bad weather, a port equipment failure and avalanche threats for projected slow sales this quarter.
Articles Tagged "teck"
Teck's view on Additional Permit Appeal at Red Dog
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) and mine owner NANA Regional Corporation, Inc. commented on an appeal that has been filed against the U.S. Environmental Protection Agency for renewal of the water discharge permit issued to Teck Alaska's Red Dog Mine
Teck Agreement with Westshore on Coal Shipments
Teck Resources Limited (TSX: TCK.A and TCK.B, NYSE: TCK) reported that the company has agreed with Westshore Terminals Limited Partnership on terms for the shipment of 3 million tonnes of coal per year from Teck's Elkview, Cheviot and Line Creek mines over the next two years at fixed rates.
Coal Stocks Swing
Coal stocks have been hit hard in this recession, given slumping electricity demand in the U.S. and the sharp drop-off of steel demand. For shareholders of Patriot Coal Corp (PCX: NYSE), the pain has been particularly acute. The stock lost 96 per cent of its value since last June's record highs. This year alone, Patriot's stock is down 41 per cent versus a 1 per cent decline by the Dow Jones U.S. Coal Index.
Teck took on debt to buy Fording Canadian Coal
Vancouver-based Teck took on almost $10-billion in debt to buy Fording Canadian Coal, and has had to suspend dividends, curtail zinc output, sell assets and slash capital expenditure to free up cash for debt repayments. For full story, click here
Coal and Oil – the Rise and Fall
Supply and demand of coal is expected to be a bit more important in 2009, with the almost irrational movement along with crude oil turning out to be less of an influence.
Teck Drops to Lowest in 20 Years
Teck Cominco dropped to the lowest price in 20 years after announcing it would halt dividends and cut spending to repay debt from last month’s purchase of Fording Canadian Coal Trust. For full story, click here
