Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operation

first_img FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Canadian diversified miner Teck Resources Ltd. swung to a net loss of C$891 million in the fourth quarter of 2019 from a year-ago net profit of C$433 million due to C$999 million in write-downs primarily related to the Fort Hills oil sands operation in Alberta.Teck said Feb. 20 that it declared a noncash impairment charge of C$910 million on Fort Hills amid lower market expectations for future oil prices. The company also booked write-downs of C$75 million on the Cardinal River coal mine, also in Alberta, due to low steelmaking coal prices and C$14 million on the Quebrada Blanca copper mine in Chile due to the short remaining life of the cathode operation.The company booked an EBITDA loss of C$755 million from positive EBITDA of C$1.15 billion a year ago. Revenues slipped to C$2.66 billion from C$3.25 billion.During the quarter, it reported lower output on a yearly basis for all products, with 6.7 million tonnes of steelmaking coal, 71,000 tonnes of copper, 149,000 tonnes of zinc in concentrate, 66,000 tonnes of refined zinc and 3.2 million barrels of bitumen.“We remain confident in the longer-term outlook for our major commodities, however, global economic uncertainty has had a significant negative effect on the prices for our products this year,” Teck said, adding that the new coronavirus outbreak may have a “material” impact on demand for its products and prices.For full-year 2019, Teck’s net profit slumped to C$339 million from C$3.11 billion as EBITDA plunged to C$2.48 billion from C$6.17 billion and revenues sagged to C$11.93 billion from C$12.56 billion.[Karl Decena]More ($): Teck in the red after nearly C$1B in impairment charges for Q4’19 Low crude prices prompt Teck Resources to write off C$910 million at Fort Hills oil sands operationlast_img read more

How $50 turned retired grandparents into property moguls

first_imgThe RSL Art Union raffle prize on Jefferson Lane at Palm Beach worth $4.1 million.“We’ve been coming up here for the winter for many years and we’d have a look at homes, but think we’re just dreaming,” said Mr Sanders, who calls Bendigo, Victoria, home.“Usually we would book in February to come and holiday here, but this year we won’t have to.”The couple have bought entries in the RSL’s draws across Queensland for the past 35 years.More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach Northless than 1 hour ago02:37International architect Desmond Brooks selling luxury beach villa20 hours ago“Jenny and I are still going through the emotions, we’d never looked like winning anything, and here we are,” said Mr Sanders. What to do with an entire apartment block? Ray and Jenny inside their new penthouse. Picture Glenn Hampson“Down the track, what a great future it’s going to be for our daughters, son-in-laws and eight grandchildren.”The newly-built complex at Bluebird’s Rest features a two-storey penthouse with ocean views, four two-bedroom, two-bathroom apartments, a pool, 10-car garage, barbecue area and $304,000 worth of furniture.The Sanders also won $80,000 of gold bullion. Ray and Jenny Sanders are the winners of the RSL’s largest prize home — a $4.1 million apartment complex at Palm Beach. Picture Glenn HampsonTHE GOLD Coast’s newest property moguls are thrilled with the future they can provide their grandchildren after winning an entire apartment block worth $4.1 million.Retirees Ray and Jenny Sanders bought a $50 ticket in the RSL Art Union’s biggest prize home draw — five apartments in Palm Beach — during their annual holiday to Burleigh Heads. The couple has the option to rent out or sell the apartments.“We’ll probably be living in the penthouse for a good six months of the year to start with and then the family can come and go whenever it suits them,” Mr Sanders said..“With the four other apartments, our financial adviser will assist us with them, we might sell a couple, we might keep the four, we don’t know yet.”The RSL raises funds for ex-servicemen and women, including services like crisis accommodation and rehabilitation support.The next prize will see a $5 ticket land a lucky prize winner a $2.3 million package of three apartments, including a luxury Southport unit and one on the Sunshine Coast and Brisbane.last_img read more