UPDATE 5-Teck defers capital spending; profit sags

Wed Oct 24, 2012 8:41pm EDT
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* Third quarter profit falls on coal, metal revenues

* Adjusted EPS C$0.60 v Street-view C$0.61

* Cuts capital spending for 2012, 2013 by C$1.5 billion

* Sees volatile coal market through early 2013

* Shares close up 2.8 percent at C$31.39 on TSX (Updates share close, adds CEO comment)

By Julie Gordon

TORONTO, Oct 24 (Reuters) - Teck Resources Inc said on Wednesday it will defer C$1.5 billion ($1.51 billion) in capital spending planned through 2013 and cut costs as Canada's largest diversified miner feels the pinch of a global economic slowdown.

Teck's shares closed up 2.8 percent, however, as the miner's third-quarter earnings per share were not far off analysts' expectations despite a sharp fall in profit on sagging coal sales and prices.

The company pushed back numerous development projects, including an expansion at the Quebrada Blanca copper project in Chile and the restart of the Quintette coal mine in Western Canada, joining other top miners that have deferred capital spending in recent months.   Continued...