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

Chelsea Commends Aluko over Bullying Claim

first_imgThe FA said the allegation arose in informal correspondence and was not included in Aluko’s subsequent complaint, or it would have been investigated.Sampson retains the full support of the Football Association after being accused of “bullying and discrimination” by Aluko.Sampson, 34, has been cleared of wrongdoing by two investigations and vehemently denies the claims.Players’ union the Professional Footballers’ Association says it has been supporting Aluko “from the first moment she made us aware of her experiences of playing for the England team”.PFA chief executive Gordon Taylor added the organisation supported calls for a second independent probe.Aluko was also supported by former England team-mate Lianne Sanderson, who tweeted: “I am so proud of one of my best friends, Eni Aluko. I have stood with you through this and I will continue to do so.”Former FA director of corporate affairs Simon Johnson tweeted: “Well done to Eni Aluko for speaking out. No-one should have to justify why they perceive a comment as racist. Sad it came to this, but brave.”A three-month independent investigation by barrister Katharine Newton last year did not uphold any of Aluko’s complaints, and cleared Sampson and the FA of any wrongdoing.Aluko, however, has claimed the investigation and a previous FA inquiry were “flawed”.The FA denies this and says Aluko, who has played 102 times for England, declined to respond to the Newton investigation.She has not been picked by Sampson since making allegations against him as part of an FA cultural review into England management.The FA has insisted the timing was purely coincidental as the review was confidential and anonymous.But Aluko claims she suffered “victimisation as a result of me reporting discrimination”.Anti-racism campaign group Kick It Out said the situation was now “one of utter confusion with claims and counter-claims”.It added: “Kick It Out urges the FA to undertake a comprehensive and independent review of the processes involved in the original complaint made by Aluko up to the final point of the independent investigation by Katharine Newton QC.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Eniola Aluko’s club, Chelsea, has commended the 30-year-old player for speaking out of her bullying and discrimination experience under England’s women’s football team coach, Mark Sampson.Speaking to the BBC on Monday, the Chelsea Ladies striker claimed Sampson made a “racist comment” about her family in Nigeria being infected with the Ebola virus. Sampson vehemently denies saying this.A Chelsea spokesman said yesterday that the club “finds any and all forms of discrimination abhorrent and it is imperative that players are supported when coming forward to speak about these issues”.But the English FA is sticking by its findings and supporting Sampson, BBC Sport learnt.last_img read more