Canada’s largest coal producer, Teck Resources Ltd., said it now expects coal production in 2010 to be 23.5 to 25 million metric tons (mt) and is actively planning for further production increases in 2011 and 2012. “Our coal team is focused on near term expansion opportunities in light of the tight market that we expect for high quality hard coking coal,” said Don Lindsay, president and CEO, Teck. “We are fortunate to be able to add production with relatively small incremental capital.” While capital budgets are still under review, Teck expects its overall capital spending for all businesses in 2010 to be in line with total capital spending in 2009. Teck is currently forecasting coal production of 20 million mt and sales of 19.5 to 20 million mt for 2009, at the lower end of Teck’s current guidance as a result of shipping delays caused by high winds at the Port in Vancouver. Weather permitting, missed shipments are expected to be made up in the first quarter of 2010.
