(für die aktuelle Lage sind gute Ergebnisse, Teck ist gut aufgestellt... und Fort Hills wird noch viel Geld in die Kasse bringen, außerdem hat Teck noch für viiiiele Jahre verschiedene noch nicht angefasste Vorkommen, mit viel Zn, Ni, Cu, PMs...)
Highlights and Significant Items
-- Gross profit before depreciation and amortization was $670 million in
the third quarter compared with $752 million in the third quarter of
2014.
-- Cash flow from operations, before working capital changes, was $302
million in the third quarter of 2015 compared with $553 million a year
ago.
-- Adjusted EBITDA (not including non-cash impairment charges of $2.9
billion) was $389 million in the third quarter. Adjusted EBITDA before
final pricing adjustments was $530 million.
-- We recorded impairment charges in the aggregate of $2.2 billion on an
after-tax basis ($2.9 billion pre-tax) including $1.5 billion on our
steelmaking coal assets, $0.3 billion on copper and $0.4 billion on the
Fort Hills oil sands project resulting in a loss attributable to
shareholders of $2.1 billion.
-- Our debt to debt-plus-equity ratio was 36% at September 30, and our net
debt to net-debt-plus-equity ratio was 32%. Giving effect to the
impairments and our recent streaming transaction and debt repayments,
our pro forma debt to debt-plus-equity ratio and net debt to net-debt-
plus-equity ratios at September 30, 2015 were 35% and 30%, respectively.
-- Subsequent to quarter end, we completed the sale of a silver stream
linked to our share of the Antamina mine. Taken together with the gold
stream sold from the Carmen de Andacollo Operations which closed during
the third quarter, these transactions have increased our cash position
by approximately $1 billion.
-- Our cash balance of $1.8 billion as of October 21 is more than our $1.5
billion share of costs required to complete Fort Hills. We also have an
additional US$3 billion undrawn credit facility that can be used for
general corporate purposes and US$1.2 billion available for cash draws
or for letters of credit. We have certain contractual arrangements that
may result in us having to issue letters of credit that would utilize
substantially all of this US$1.2 billion facility.
-- Our cost reduction program combined with a falling Canadian dollar,
lower oil prices, and higher copper grades have contributed to reduce
our U.S. dollar unit costs for our products with copper and steelmaking
coal unit costs falling by US$0.20 per pound and US$20 per tonne,
respectively, compared to last year.
-- In response to steelmaking coal market conditions, our steelmaking coal
mines took three-week shutdowns during the third quarter to reduce
production and product inventory. In the fourth quarter we expect that
production rates will be aligned with sales volumes.
-- We have reached agreements with the majority of our customers for the
fourth quarter of 2015, based on a quarterly benchmark of US$89 per
tonne for the highest quality product and we expect total sales in the
fourth quarter, including spot sales, to be at least 6 million tonnes of
steelmaking coal.
-- The Red Dog concentrate shipping season is expected to be completed on
October 22 with shipments of 1,048,000 tonnes of zinc concentrate. We
expect sales of 200,000 tonnes in the fourth quarter reflecting the
normal seasonal pattern of Red Dog sales.
-- Our Quebrada Blanca operation restarted normal production activities in
late August after unexpected ground movement in late June caused a
temporary shutdown of processing facilities. We expect to produce 38,000
tonnes of copper cathode in 2015, a reduction of about 10,000 tonnes
compared to the original plan.
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