Teck defers Quintette coal restart, to cut jobs as profit drops

Tue Apr 22, 2014 5:36am EDT
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April 22 (Reuters) - Diversified Canadian miner Teck Resources Ltd said it would defer the reopening of its Quintette coal mine in British Columbia and cut 600 jobs, or 5 percent of its global workforce, after a 78.4 percent fall first-quarter net profit.

Teck's profit fell to C$69 million ($62.62 million), or 12 Canadian cents per share, in the quarter ended March 31, from C$319 million, or 55 Canadian cents per share, a year earlier.

Revenue fell 10.7 percent to C$2.08 billion. ($1 = 1.1018 Canadian dollars) (Reporting by Nicole Mordant in Vancouver and Sneha Banerjee in Bangalore; Editing by Ted Kerr)