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

Franklin County committee nominations, election announced

first_imgBrookville, Ind. — The U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) encourages all farmers, and FSA program participants to take part in the Franklin County Committee election nomination process.FSA’s county committees are a critical component of the day-to-day operations of FSA and allow grassroots input and local administration of federal farm programs.Committee are comprised of locally elected agricultural producers responsible for the fair and equitable administration of FSA farm programs in their counties. Committee members are accountable to the Secretary of Agriculture. If elected, members become part of a local decision making and farm program delivery process.A county committee is composed of three to 11 elected members from local administrative areas (LAA). Each member serves a three-year term. One-third of the seats on these committees are open for election each year. County committees may have one or more appointed advisors to further represent the local interests of underserved farmers and ranchers. Underserved producers are beginning, women and other minority farmers and ranchers and land owners and/or operators who have limited resources. Other minority groups including Native American and Alaska Natives; persons under the poverty level, and persons that have disabilities are also considered underserved.All nomination forms for the 2017 election must be postmarked or received in the local USDA service center by Aug. 1, 2017. For more information on FSA county committee elections and appointments, refer to the FSA fact sheet: Eligibility to Vote and Hold Office as a COC Member available online at: www.fsa.usda.gov/elections.last_img read more