Price, speaking at the Bank of America Metals, Mining and Steels conference in Miami, gave a range of predictions for Teck’s annual EBITDA at different copper prices, the lowest being $2 billion if copper trades at $4 per pound.
US copper prices on the CME hit a record peak on Tuesday, with the Comex May contract hitting a high of $5.082 a lb, fueled by robust demand in the United States and fund buying.
The red metal has been in focus after mining giant BHP’s $37 billion offer to buy out rival Anglo American. Analysts have been nudging Teck to explore acquisition options because it is flush with cash from the sale of steel-making business.
But Price said Teck is focused on executing its existing projects when asked whether the company would acquire any copper assets.
“I know there’s a lot of discussion in the industry about buy versus build,” Price said.” And I think when people are looking at projects with capital…
