Teck Resources Limited (TSX: TECK.B) reported on Tuesday that its logistics chain has been temporarily disrupted due to the storm currently hitting the province of British Columbia. However, the Vancouver-headquartered mining firm relayed that production at its operations has not been affected as of the time of writing.
The Pacific north-west is weathering a storm that brought heavy rain, flooding, and mudslides, causing major damage to the province’s major thoroughfares. At a news conference, British Columbia’s Minister of Transportation and Infrastructure Rob Fleming called the event “the worst weather storm in a century”. Notably, the City of Vancouver has been cut off by both rail and road to the rest of Canada as a result of flooding and roads being washed out.
The mining firm relayed that it mitigated the hampered logistics by directing some trains to Ridley Terminals in Prince Rupert. Railway operators CP and CN have also started repairing the damages but haven’t been able to advise a schedule on return to service.
The company is anticipating that the impact of this logistics interruption on its Q4 performance will depend on the duration of the disruption.
Teck Resources last traded at $34.14 on the TSX.
Information for this briefing was found via CTV News and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.