Elkview Operations (above) is one of our four steelmaking coal operations located in the Elk Valley of British Columbia. (Photo: Teck Resources)
Teck Resources Ltd. said its first-quarter 2022 metallurgical coal sales volumes were lower than expected, due to logistics disruptions in British Columbia, Canada, according to its unaudited first-quarter earnings report. The company said the prices received for the exports, however, increased considerably.
The recent Canadian Pacific work stoppage interrupted rail service to Teck’s Elk Valley coal operations in southeastern British Columbia. As a result, the realized first-quarter coal sales were 6 million metric tons (mt), slightly below the low end of the company’s previously announced guidance of 6.1 million to 6.5 million mt. Record metallurgical coal prices (FOB) resulted in an increase in the average realized price in the first quarter to $357/mt. The company said the increase in coal prices from the fourth quarter further resulted in positive pricing adjustments of approximately $88 million.
Teck said it plans to officially release its first-quarter 2022 financial results on April 27.
