(Reuters) -Canadian miner Teck Resources 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 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)
(Reporting by Mrinalika Roy and Surbhi Misra in Bengaluru; Editing by Rashmi Aich)
