November 17, 2017 / 11:56 AM / a year ago

BUZZ-Teck Resources: 'Firing On Most Cylinders' - CIBC

** CIBC starts coverage of Canadian miner with “outperformer”, PT $38; upside of ~79 pct to its Thursday close

** Diversified portfolio of quality assets in low sovereign risk jurisdictions raises copper and zinc exposure, CIBC’s preferred commodities

** Sees strong contribution from metallurgical coal production, startup of Teck’s 20 pct-owned Fort Hills project

** Teck gains from stronger balance sheet, with debt to equity falling from peak of 55 pct in 2015 to 33 pct in 2017 end

** Ramp up of oil sands project and regulatory approval of Teck’s Quebrada Blanca Phase 2 copper project in Chile are main “positive catalysts” short-term

** On YTD basis, TECK up ~6 pct, underperforming an ~22 pct rise in zinc and copper prices (Reporting by John Benny in Bengaluru)

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