April 21, 2015 / 3:23 PM / 2 years ago

BUZZ-Teck Resources Ltd: Cuts dividend, Q1 profit misses

** Canadian miner’s shares down 5.4 pct at C$16.01, U.S.-listed shares down 5.6 pct at $13.06

** Company slashes half-yearly dividend and posts Q1 profit below analysts’ estimates, hurt by weak prices for steel-making coal and copper

** Teck says a downward trending price assessments may delay purchases in markets outside of China, which could affect Q2 sales

** Average realized prices for coal per tonne down 19 pct in Q1, while that for copper per pound down more than 17 pct

** Cuts dividend to C$0.15/share from C$0.45

** Excluding items, company earns C$0.11/share, below analysts’ average estimate of $0.14

** Up to Monday’s close, company’s Toronto-listed shares had fallen 30 pct, while U.S.-listed shares had fallen 37 pct

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