Price increases offset the impact of the main copper mine shutdown, Teck Resources Q3 profit increased by nearly 20% beyond expectations.

Teck Resources (TECK.US) announced that its third quarter profit has increased by nearly one-fifth, as the rise in metal prices offset the impact of production disruptions at its main copper mine in Chile. This Canadian mining company is set to be acquired by the UK-based Anglo American Resources Group, creating one of the largest mining companies globally and becoming a significant supplier amid increasing copper demand. However, Teck Resources has faced difficulties in increasing production capacity at its Quebrada Blanca mine in the Andes Mountains of Chile. In a statement, Teck Resources reported that its adjusted core profit rose to 1.17 billion Canadian dollars (approximately 836 million US dollars) from 986 million Canadian dollars in the same period last year, due to the increase in copper and zinc prices as well as growth in by-product revenue. Q3 revenue rose by 18% year-on-year to 3.38 billion Canadian dollars. Following recent production cuts earlier this month, the company maintained its original production guidance for the Quebrada Blanca mine. Teck Resources is restructuring its tailings facilities, a project that is currently impacting production levels, with the aim of achieving higher long-term production goals. Teck Resources stated that copper production at the mine decreased by nearly 25% in the third quarter compared to the same period last year, dropping to 39,600 tons. Production in September was only 5,600 tons, as there were 20 days of stoppages.