February 14, 2018 / 8:31 AM / 9 days ago

BRIEF-Teck Reports Q4 Adjusted Profit $1.21 Per Share

Feb 14 (Reuters) - Teck Resources Ltd:

* TECK REPORTS UNAUDITED FOURTH QUARTER RESULTS FOR 2017

* ADJUSTED PROFIT ATTRIBUTABLE TO SHAREHOLDERS OF $700 MILLION ($1.21 PER SHARE) IN THE FOURTH QUARTER‍​

* PROFIT ATTRIBUTABLE TO SHAREHOLDERS WAS $760 MILLION ($1.32 PER SHARE) IN THE FOURTH QUARTER

* QTRLY REVENUES C$ 3.2 BILLION VERSUS C$ 3.56 BILLION YEAR AGO

* REALIZED U.S. DOLLAR STEELMAKING COAL PRICES INCREASED BY 7% FROM THE THIRD QUARTER OF 2017

* TECK RESOURCES - ANNUAL PRODUCTION FROM 2019 TO 2021 IS EXPECTED TO BE HIGHER THAN 2018, DESPITE THE CLOSURE OF COAL MOUNTAIN OPERATIONS MID-2018

* EXPECTING SALES VOLUMES IN THE FIRST QUARTER OF 2018 TO BE IN THE RANGE OF 6.3 TO 6.5 MILLION TONNES

* PLAN TO MAKE AN EQUITY INVESTMENT OF $85 MILLION FOR PORT UPGRADES AT NEPTUNE TERMINALS IN 2018

* ‍STEELMAKING COAL PRODUCTION IN 2018 IS EXPECTED TO BE BETWEEN 26 AND 27 MILLION TONNES​

* TOTAL DEBT AS OF DECEMBER 31, 2017 WAS $5.1 BILLION

* ‍QTRLY STEELMAKING COAL PRODUCTION 6.9 MILLION TONNES VERSUS 7.3 MILLION TONNES​

* QTRLY STEELMAKING COAL SALES 6.4 MILLION TONNES VERSUS 6.9 MILLION TONNES

* FORT HILLS PRODUCED ITS FIRST OIL ON JANUARY 27 AND REMAINS ON TRACK TO REACH 90% OF CAPACITY BY THE END OF 2018

* EXPECT 2018 COPPER PRODUCTION TO BE IN THE RANGE OF 270,000 TO 285,000 TONNES, SLIGHTLY LOWER THAN 2017 PRODUCTION LEVELS‍​

* Q4 AVERAGE REALIZED STEELMAKING COAL PRICE OF US$170 PER TONNE WAS US$207 PER TONNE ‍​

* TECK RESOURCES - PRELIMINARY DAMAGE ASSESSMENT OF INTERRUPTED OPERATIONS IN COAL DRYER AT ELKVIEW OPERATIONS DETERMINED REPAIRS TO DRYER MAY TAKE IN RANGE OF 4 TO 6 WEEKS

* EXPECT LOST PRODUCTION IN THE RANGE OF 200,000 TONNES DUE TO INTERRUPTED OPERATIONS IN COAL DRYER AT ELKVIEW OPERATIONS

* ‍TRANSPORTATION COSTS IN 2018 ARE EXPECTED TO BE APPROXIMATELY $35 TO $37 PER TONNE (US$28 TO US$30)​

* COSTS OF REPAIR TO THE DRYER IN COAL DRYER AT ELKVIEW OPERATIONS ARE NOT EXPECTED TO EXCEED $10 MILLION

* ‍PLAN TO INCUR $275 MILLION OF SUSTAINING CAPITAL IN 2018​ Source text for Eikon: Further company coverage:

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