Canadian miner Teck Resources Ltd. reported a 66.6% fall in third-quarter adjusted profit on Tuesday, as production of steelmaking coal decreased.
Miners around the world have been struggling after the Covid-19 pandemic wreaked havoc on the commodities market, forcing companies to shut mines, cut production and in some cases wind down certain operations.
Average price realized for steelmaking coal dropped 34.6% to $102 per tonne in the quarter, while sales stood at 5.1 million tonnes compared with 6.1 million tonnes a year earlier.
The Vancouver-based miner said copper sales fell to 69,000 tonnes from 75,000 tonnes.
Net adjusted income fell to C$130 million ($98.59 million), or C$0.24 per share in the third quarter ended Sept. 30 from C$389 million, or 69 Canadian cents per share, a year earlier.
This missed analysts’ average estimate of 27 Canadian cents, according to Refinitiv IBES.
Teck also reduced its copper production guidance range for the second half of 2020 by 5,000 tonnes.