Teck Resources Ltd has withdrawn the application for its C$20.6 billion ($15.7 billion) Frontier oil sands mine in Alberta, the company said on Sunday, days before the federal government was to decide on whether to approve the controversial project. Teck said it would write down the C$1.13 billion carrying value of the project.
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) today announced it is withdrawing the Frontier Project from the regulatory review process. Teck CEO and President Don Lindsay has written to the federal Minister of Environment and Climate Change outlining the reasons for the withdrawal. As a result of this decision Teck will write down the $1.13 billion carrying value of the Frontier Project.
As Canadian Prime Minister Justin Trudeau considers whether to approve Teck Resources' Frontier oil sands project, roughly 20 others sit on the shelf as companies delay investment decisions hoping for new pipelines and higher prices. Trudeau's cabinet is expected to meet on Tuesday and decide on Frontier this week. Should Ottawa reject the project, Teck said on Friday it would write down Frontier by C$1.13 billion.
(Bloomberg) -- As gold prices rise, miners have been boosting shareholder payouts in the face of a decline in global output. That’s worrying some investors concerned about the longterm growth prospects of an industry built on a depleting resource.The value of gold, a haven commodity, is driven more by global economics than supply and demand. Any unexpected event -- from a surprising cure for coronavirus to a positive trade deal -- could drop the value significantly. High prices put more gold scrap on the market, low ones increase hoarding and, if miners’ output remains static, so should ...
Gold miner stocks surged Friday toward a 5 1/2-month high, as growing worries about how the coronavirus outbreak will impact the U.S. economy send gold prices surging toward 7-year highs. The VanEck Vectors Gold Miners ETF jumped 2.8% in morning trading, with 36 of 48 components trading higher. The put the ETF on track for the highest close since Sept. 4. Among the more-active U.S.-listed components, shares of Harmony Gold Mining Co. shot up 9.7%, AngloGold Ashanti Ltd. soared 11.1% and Newmont Corp. hiked up 1.6%. The SPDR Gold ETF , which tracks gold prices, ran up 1.6% toward a sixth ...
(Bloomberg) -- Teck Resources Ltd. dropped the most in three years after cutting its forecast for steelmaking coal as extreme weather and rail blockades disrupted output at a time when the coronavirus outbreak is threatening demand.The Vancouver-based company will temporarily reduce production and shut down its Neptune shipping terminal, it said Friday in its quarterly earnings report. The move will help address high levels of inventory and allow it to move forward with an upgrade at the Neptune facility.It’s been a tough period for Teck, as profit in 2019 was hurt by slumping coal prices and ...
(Bloomberg) -- Teck Resources Ltd. said it would take a C$1.13 billion ($852 million) impairment charge if Canadian Prime Minister Justin Trudeau’s cabinet rejects its proposed Frontier oil-sands mine, raising the stakes for the government’s decision.The company said in an earnings statement on Friday that it is still studying ways to optimize the project with new technology and other operational improvements. Vancouver-based Teck said it believes the project in northern Alberta will still be technically feasible and commercially viable.The warning from Teck adds to the pressure on Trudeau, ...
Canadian miner Teck Resources Ltd on Friday floated a potential exit from the oil sands and warned of a possible C$1.13 billion ($852.12 million) hit should Prime Minister Justin Trudeau's government reject its Frontier bitumen mine. The fate of the C$20.6 billion mine is expected to be decided by next week in what has become a test of Canada's commitment to reduce greenhouse gas emissions and repair relations with the country's indigenous people. At full capacity, the mine would produce 260,000 barrels of crude oil per day, making it one of the largest in Alberta's carbon-intensive oil ...
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) reported unaudited(1) adjusted EBITDA(2) (3) of $4.3 billion in 2019 compared with $5.4 billion in 2018. In the fourth quarter, adjusted profit attributable to shareholders was $122 million ($0.22 per share) compared with $500 million ($0.87 per share) in the fourth quarter of last year. “Ongoing global economic uncertainty negatively impacted commodity prices in the fourth quarter and that has continued into 2020, exacerbated by the effect on markets from the Coronavirus and the impact of severe weather conditions in ...
VANCOUVER, British Columbia, Feb. 20, 2020 -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today that it will pay an eligible dividend of.
Once above the July 2016 peak, "the TSX gold index should challenge its all-time high seen in September 2011, an 84% ramp from here," Canaccord Genuity analyst Martin Roberge says.
VANCOUVER, British Columbia, Feb. 20, 2020 -- Eldorado Gold Corporation, (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the.
Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to announce a 15-year mine life at Kisladag based on the completed long-cycle heap leach testwork and the replacement of the tertiary crushing circuit with a high-pressure grinding roll (“HPGR”) circuit. A National Instrument 43-101 compliant technical report detailing the updates to the Kisladag project will be filed on SEDAR prior to the end of Q1 2020. The Company is also providing detailed production guidance for 2020, along with a five-year outlook for the Company’s business.
