Teck(US:TECK)2024-10-24 15:56Financial Performance - Teck reported strong returns to shareholders, with $720 million in Q3 2024 and over $1.3 billion year-to-date to October 23rd[8, 16] - The company achieved a net cash position of $1.8 billion, supported by $1.5 billion of debt reduction in Q3 2024[8, 22, 31] - Adjusted EBITDA increased significantly to $986 million in Q3 2024, a 136% increase compared to $417 million in Q3 2023[16, 17] - Adjusted diluted earnings per share from continuing operations rose by 275% to $0.60 in Q3 2024[16] Production and Operations - Copper production saw a 60% increase in Q3 2024, driven by the ramp-up of QB[18] - Zinc in concentrate production at Red Dog increased, contributing to overall profitability[8, 20] - Refined zinc production guidance lowered to 240-250kt due to a fire at Trail's electrolytic plant, compared to the previous guidance of 275-290kt[12] - QB copper production guidance lowered to 200-210kt for 2024 and 240-280kt for 2025[12] Guidance and Strategy - Zinc net cash unit cost guidance improved by US$0.10/lb to US$0.45–0.55/lb due to strong operational performance at Red Dog[12] - Total copper production guidance narrowed to 420-455kt from 435-500kt, reflecting lower production at Highland Valley[12] - The company is focused on energy transition metals, with 75% of the portfolio in copper and 25% in zinc[7, 29]