Canadian mining company Teck Resources (TECK) has announced record quarterly profits and
that its chief executive officer (CEO) will retire at the end of September.
Don Lindsay, who has served as the Vancouver-based company’s CEO since 2005, will step
down on September 30 but remain as executive vice-chairman until June of next year.
Lindsay leaves on a high note as Teck Resources benefits from the current commodity boom
and posts record earnings.
In this year’s second quarter, Teck Resources reported that its net income climbed to $1.68
billion, or $3.07 per share, up 546% compared with $260 million, or $0.48 per share, a year
earlier.
Revenue for the April through June period totaled $5.79 billion, up 126% from $2.56 billion a
year ago.
The increased profits are due to prices for steelmaking coal rising 27% from the previous
quarter, while prices for Zinc gained 35%.
Teck's board of directors said that Jonathan Price, currently the company's chief financial officer
(CFO), will step into the role of CEO on a temporary basis while a search is conducted for
Lindsay’s replacement.
Lindsay retires as Teck Resources nears its first copper production at its $5 billion QB2 mine
stie in Chile.
Teck Resources stock is down 6% this year at $34.88 per share.
