McEwen’s Los Azules copper project gets key environmental approval
The company anticipates construction to begin as early as 2026.
Teck Resources Limited announced earnings in 2010 of $1.5 billion or $2.62 a share. Earning were 36% better than the $1.1 billion the company reported in 2009.
Fourth quarter earnings were up 76% to $548 million or 93 cents per share compared to $312 million in 2009.
Copper production in 2010 increased to 313,000 tonnes from 308,000 tonnes in 2009, and coal production in rose 22% to 23.1 million tonnes compared to 2009.
“Our balance sheet was significantly strengthened as a result of a further $3.1 billion reduction in our debt and through our refinancing we significantly reduced our interest costs,” said Don Lindsay, president and CEO.
Debt reduction should result in annual interest savings of $225 million.
Teck Resources was up by about one per cent in afternoon trading to $63.56 a share.
Michael McCrae wrote this story. You can contact him at [email protected].
