Teck said its average realized price for copper rose about 15% to $4.51 per pound in the quarter, while its realized steelmaking coal prices more than doubled to $357 per tonne.
US-listed shares of the miner rallied 13%.
Diesel drives costs up
But Teck saw some pressure from rising inflation, especially in diesel prices, with operating costs surging 13%.
That prompted the company to raise its view for steelmaking coal unit cost in 2022 by around 9%. Teck kept its cost outlook for copper and zinc unchanged.
Miners have in recent months been grappling with logistical delays and rising costs of key supplies such as equipment and explosives, particularly after the Russia-Ukraine conflict erupted in March.
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“The fact that the company maintained its base metals guidance and carries some natural protection from inflation via its oil and zinc asset is likely a win…
