Weaker Chinese infrastructure activity is likely to weigh on Teck's profits.
We raise our fair value estimate for no-moat-rated Teck Resources to USD 17 per share from USD 16 per share previously. The increase reflects several countervailing forces. On the positive side are higher near-term copper and metallurgical coal prices. We have also incorporated the benefit of accumulated tax losses, discounted back for the time value of money. We expect Teck to consume most of these tax losses in the next few years. On the negative side, current high copper prices, Teck’s greatl...Teck Resources is engaged in mining and related activities including exploration, development, processing, smelting and refining. Co.'s major products are steelmaking coal, copper and zinc. Co. also produces precious metals, lead, molybdenum, electrical power, fertilizers and other metals. Co. also owns an interest in certain oil sands leases and have partnership interests in an oil sands development project and wind power project.
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