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

Tranfer news: Everton and Stoke target back on Barcelona’s radar

first_img1 Andriy Yarmolenko Barcelona are ready to rekindle their interest in Everton and Stoke target Andriy Yarmolenko as they bid to find a replacement for Pedro, who joined Chelsea in the summer.Yarmolenko has been on Everton’s radar for some time and they reportedly held talks with Dynamo Kyiv about a potential transfer in August.Meanwhile, Stoke were also heavily linked with a £13.5m summer swoop for the 25-year-old but neither deal materialised and he remains in Ukraine for the time being.However, according to Spanish newspaper Sport, Barcelona are now considering an offer in January, when their transfer embargo will be lifted.The Catalan club sold fellow forward Pedro to Chelsea in the summer and are now on the lookout for somebody to fill his boots. And they reckon Yarmolenko, the Ukraine international who has scored three goals in nine league outings already this season, could be their man.last_img read more