According to financial reports, Tektronix Resources' Q3 revenue was 3,599 million Canadian dollars, down 15.5% from 4.260 billion Canadian dollars in the same period last year. Adjusted profit attributable to shareholders was $399 million, down 56.8% from $923 million in the same period last year; adjusted earnings per share were $0.76, falling short of market expectations of $1.09, compared to $1.74 million in the same period last year.
Financial reports show that Tektronix's Q3 copper production was 72,000 tons, sales volume was 69,000 tons, average price was 3.79 US dollars/lb; coal production for steelmaking was 5.5 million tons, sales volume was 5.2 million tons, average price was 229 US dollars/ton (down 25% year on year); concentrate zinc production was 153,000 tons, sales volume was 296,000 tons; refined zinc production was 67,000 tons, and the average price was 1.10 US dollars/lb (down 26% year on year).
Tektronix Resources also raised its capital cost guidance for the QB2 copper project in Chile from the previous forecast of $8 billion to $8.2 billion to $8.8 billion, adding that the company is working to mitigate risk and cost pressure.
In addition, Tektronix Resources lowered the 2023 annual copper production forecast from 330,000 to 325,000 tons to 320,000 to 365,000 tons, and lowered the 2023 coal production forecast for steelmaking from 24 million to 26 million tons to 23 million to 23.5 million tons.
It is worth mentioning that earlier this year, well-known commodity trader GLNCY.US (GLNCY.US) sought to fully acquire Tektronix Resources to adjust its product structure. After acquiring Tektronix Resources, Glencore plans to merge their respective metals and coal businesses and establish two new companies. However, Tektronix Resources has repeatedly rejected Glencore's terms of acquisition.