Tektronix Resources' copper production fell 23% in the second quarter compared with the same period last year, and profits plunged by more than 82

SMM7 March 24: Tektronix Resources second quarter report released that during the reporting period, the company's copper production totaled 59000 tons, down 23% from the same period last year, compared with 77000 tons in the same period last year. In the first half of 2020, Tektronix's copper production totaled 130000 tons, down 11.6 percent from a year earlier, compared with 147000 tons in the same period last year.

Copper production in the second quarter

It is expected that 1100-12 million tons of steelmaking coal, 14.5-160000 tons of copper and 31.5-345000 tons of zinc will be produced in the second half of this year.

Production target for the second half of 2020 and sales target for the third quarter

The company reported on Thursday that its adjusted second-quarter net profit attributable to shareholders fell more than 82% to C $89 million, compared with C $498 million in the same period last year, as the new crown pneumonia epidemic affected product demand and depressed prices.

Operating revenue fell 45% to C $1.72 billion. The company sold 5 million tonnes of steelmaking coal, higher than previously forecast, as Chinese steel production returned to pre-outbreak levels in the second quarter.

Global miners, including Tektronix, have been hit by the epidemic on commodity markets, forcing some companies to cut production and suspend construction.

Construction of a large copper mine in Chile is still partially suspended due to the outbreak, the company said.

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