April 3, 2017 / 3:37 PM / 7 months ago

BUZZ-Teck Resources: Rises on Australian coal export disruption

** Canadian coal producer’s shares up as much as 6.8 pct at C$31.05; U.S.-listed shares rise 6 pct to $22.79

** U.S.-based Arch Coal Inc rises 9.4 pct to $75.44

** Cyclone Debbie damages rail lines in northeast Australia, set to disrupt exports of coking coal from Australia, the world’s largest coking coal region [nL3N1HB02D

** Cyclone Debbie will affect coal mines operated by BHP Billiton Ltd and Glencore Plc and raises the prospect of major producers declaring force majeure

** Teck is North America’s largest producer of steelmaking - or coking coal, and hence stands to benefit from the export disruptions

** The disruptions could push up the price of hard coking coal, currently around $159 a tonne

** Analysts at Citi after attending co’s annual investor day write in a note on Monday: “Resuming the dividend is being considered, with debt back to target levels”

** Up to Friday’s close, Teck’s TSX-listed shares had risen nearly three-fold over the last 12 months

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