Topic: How To Invest

The Successful Investor Hotline – Thursday, April 14, 2022

Article Excerpt

TECK RESOURCES LTD., $54.46, 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. Teck’s coal sales in the first quarter of 2022 totalled 6.0 million tonnes, which is below its earlier guidance of 6.1 million to 6.5 million tonnes. That because a strike at CP Rail disrupted its shipments. The latest sales are also down 3.2% from 6.2 million tonnes in the first quarter of 2021. However, coal demand remains strong as the global economy recovers from the COVID-19 pandemic. As a result, the company’s average realized coal price in the first quarter rose to $357 U.S. a tonne from $351 U.S in the fourth quarter of 2021. That should also add $88 million to Teck’s first quarter revenue; in the…

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