Teck said labor intensive activities such as maintenance, mine operations and projects continue to be impacted by COVID-19 safety protocols. Average price realized for steelmaking coal dropped 34.6% to $102 per tonne in the third quarter, while sales stood at 5.1 million tonnes compared with 6.1 million tonnes a year earlier. Teck said profit attributable to shareholders was C$61 million ($46.26 million), or 11 Canadian cents per share, in the quarter ended Sept. 30, compared with C$369 million, or 66 Canadian cents per share, a year earlier.
The Obama administration enacted rigorous environmental regulations that slowed U.S. mining sector growth during its time in office. Biden, who served as Obama's vice president and is well-regarded in conservation circles, has been expected to continue in that vein. The U.S. Democratic presidential candidate also supports bipartisan efforts to foster a domestic supply chain for lithium, copper, rare earths, nickel and other strategic materials that the United States imports from China and other countries, the sources said.
Copper topped $7,000 a ton for the first time in more than two years, partly driven higher by renewed hope for a US stimulus package. It has rallied 60pc from its mid-March lows amid rising sentiment, touching $7,034 a ton on Thursday – its highest level since June 2018.