Topic: How To Invest

The Successful Investor Hotline – Friday, September 23, 2022

Article Excerpt

TECK RESOURCES LTD., $39.63, Toronto symbol TECK.B, remains a buy for investors seeking long-term gains from the Resources sector of their portfolio. The company is a leading producer of metallurgical coal, a key ingredient in steelmaking. It also produces copper and zinc. Teck owns 21.31% of the Fort Hills oil sands project of northern Alberta. Due to the breakdown of a conveyor belt system at its Elkview coal mine in B.C., Teck has had to slow production at the facility. It will take as long as two months to repair the equipment, but the company will take advantage of the downtime to move up planned maintenance activities. As well, a strike at the Westshore coal terminal in Vancouver will limit Teck’s ability to ship coal to customers in Asia. However, the company will likely shift its coal exports to other terminals in B.C. As a result of these two events, Teck now expects its coal sales in the third quarter of 2022 will range…

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