Teck's Quarterly Profit Soars Amid Copper Price Boom

Teck, a Canadian mining company, reported a quarterly profit of $854 million due to higher copper production and commodity prices. Revenue for the quarter totaled $3.61 billion, up from $2.02 billion a year ago.

As part of its plans to merge with London-based Anglo American PLC, Teck's CEO Jonathan Price said that an 'enormous amount of work' is being done to prepare for integration. The two companies aim to create a $70-billion copper-focused mining powerhouse, called Anglo Teck.

The merger deal was announced last September and is expected to close within 12-18 months. However, it still requires approval from China's market regulator, which Price expects will be obtained 'in a matter of a couple of weeks.'

After the merger, Anglo Teck will maintain its headquarters in Canada but continue to be incorporated in the UK. This could lead to Teck being dropped from the S&P/TSX composite index.