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Friday, December 4, 2020

Teck Resources [NYSE: TECK] Announces Deal With Westshore For Steelmaking Coal

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Teck Resources Limited [NYSE: TAK] disclosed Wednesday it has entered into an agreement with Westshore Terminals Limited for the shipment of steelmaking coal.

The financial consideration of the latest agreement hasn’t disclosed yet. The new proposed agreement will be valid until March 31, 2021. This new deal will provide greater flexibility and optionality for Teck shipment.

Teck shares had tumbled down 2.62% at $11.16 during the trading session on Tuesday. It has a day low and high range of $10.90-$11.55. Its trading volume is 2.88 million as compared to the average volume of 3.78 million.

In the oast 52-weeks of trading, Teck shares fluctuated between the low of $5.60 and a high of $19.44. Its shares moved up 99.29% from its 52-weeks low and moved down -42.59% from its 52-weeks high.

Now if we look at its profitability, it has return on assets (ROA) of -4.80%, return on investment (ROI) of -1.40%. Its return on equity (ROE) is -8.90%.

Teck Gross Margin is 18.60%. Its operating margin is -23.10%, and a Profit Margin is -19.70%. Continuing to look at its liquidity, its current ratio is 1.50.

Likewise, its quick ratio is 0.60, the total debt to equity ratio is 0.34 and the long-term debt to equity ratio is 0.33. Teck Resources has reported the sales of 7.42 billion and has a market cap of 6.21 billion.

The new agreement allows the shipment of 5 and 7 million tonnes annually at a fixed loading charges. The 5 to 7 million tonne range will be applicable for the 9 months from April to December 2021 and for each 12-month period (January–December) in subsequent years until the contract volume is concluded.

Teck will ship 32.25 million tonnes under the latest deal.

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