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Teck Cominco Posts $607M Q4 Loss


Vancouver-based miner Teck Cominco has just posted a massive Q4 $607 million ($1.28 per share) loss. Revenue in the quarter was up from $1.5 billion to $1.7 billion YoY. The company has been hard hit by one-time charges, write-offs and slumping commodity prices. “Average base metal prices were down significantly from average prices in the fourth quarter of 2007, with two of our major products, copper and zinc, down 45% and 55%, respectively,” said the company. Teck Cominco also wrote down a total of $844 million in goodwill, including on its Fording Canadian Coal Trust acquisition in 2008. Moody’s Ratings lowered its credit rank to Ba3 from Ba1, also giving the company a bad outlook.

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