Q: Hi Pat: What would you advise to current holders of Teck Resources: hold, sell or invest? I came across an article recently that said there is now a slow demise for coal use due to policies encouraging cleaner natural gas and renewable energy generation.
A: Teck Resources Ltd., $31.56, symbol TECK.B on Toronto (Shares outstanding: 577.8 million; Market cap: $18.2 billion, www.teck.com), is a recommendation of our Successful Investor newsletter.
Teck made $1.00 a share in the latest quarter, up sharply from just $0.01 a year earlier. That was mainly due to a 103.6% jump in coal prices, to $169 U.S. a tonne from $83 U.S. a year earlier. The company also benefitted from higher prices for copper (up 20.1%) and zinc (up 35.6%).
The article you mention refers to thermal coal used by utilities. Teck moves more with economic growth and the demand for steel—it produces metallurgical coal used in steelmaking, rather than thermal coal used for heating.
Metallurgical coal continues to move higher, and is now near $200 U.S. per tonne. The long-term direction is uncertain, but in the near term at least, strong demand in China, voluntary production cuts by some Chinese miners and production disruptions in Australia should keep metallurgical coal prices high.
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