NEW YORK Teck Resources
Ltd.s net income tumbled 69.6 percent to Canadian $811
million ($812.19 million) last year from a record C$2.67
billion in 2011, largely due to lower copper, zinc and coal
prices, as revenue fell 10.2 percent to $10.34 billion ($10.36
The Vancouver, British
Columbia-based mining company posted fourth-quarter net income
of C$145 million ($145.22 million), down 77.2 percent from
C$637 million in the same period a year earlier on an
8.1-percent decline in revenue to C$2.73 billion ($2.74
"Due to uncertain global
economic conditions, prices for all of our major products were
down compared to (2011), which resulted in lower earnings and
cash flows," Don Lindsay, president and chief executive
officer, said in a statement.
London Metal Exchange copper
prices averaged $3.61 per pound last year vs. $4 per pound in
2011, Teck said.
Tecks copper production
totaled 373,000 tonnes last year, up 16.2 percent from 321,000
tonnes in 2011, boosted by a 15.7-percent fourth-quarter
increase to 103,000 tonnes from 89,000 tonnes a year
"From an operations perspective,
2012 was a good year. Our copper production was a record, we
continued to increase our steelmaking coal production and we
obtained new labor agreements for a number of our operations,"
The company said it was able to
lock in a new three-year labor agreement for workers at its
copper mine in Antamina, Peru.