(Reuters) -Canadian miner Teck Resources (NYSE:TECK) beat third-quarter profit estimates on Thursday, helped by higher production of copper at its Quebrada Blanca (QB) mine.
The company reported an adjusted profit of C$0.60 ($0.4340) per share for the quarter ended Sept. 30, compared with analysts’ average estimate of C$0.37 per share, according to LSEG data.
Teck revamped its operations this year by selling 77% interest in the steelmaking coal unit to Swiss miner Glencore (OTC:GLNCY) Plc. The deal, one of the largest in the industry, was completed in July.
The deal was part of Teck’s transition into a pure-play energy transition metals company.
Teck said copper prices rose by about 11.7% from a year earlier and averaged $4.21 per pound.
The company produced 115,000 metric tons of copper in the reported quarter, an about 60% jump from a year earlier.
Teck cut its full-year copper production guidance to 420,000 to 455,000 tons, compared with the previous guidance of 435,000 to 500,000 tons.
($1 = 1.3824 Canadian dollars)
