http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aTCK-2351147&symbol=TCK®ion=C
Globe says Teck's Lindsay sees signs of illusive bottom
2016-03-02 08:05 ET - In the News
The Globe and Mail reports in its Wednesday edition that Ivan Glasenberg, chief executive officer of Glencore PLC, indicated Tuesday that he is growing more upbeat about commodities after a brutal 2015 in which his company lost 70 per cent of its market value. The Globe's Ian McGugan and Brent Jang quote Mr. Glasenberg as saying: "Have we bottomed? I think so." No one is calling for any immediate bounce-back in metals prices. However, it is at long last possible to detect early signs of a bottom. Any rebound in commodity prices would come as good news for Teck Resources. Teck exports steel-making metallurgical coal and is a major producer of zinc and copper. Teck also has a 20-per-cent share of the Fort Hills oil sands joint venture. Teck boss Don Lindsay said Fort Hills is slated to be completed by mid-2017, providing some breathing room for oil prices to recover before production begins. "Whether it's zinc, copper, oil, coal -- in any one of those, it's always very cyclical businesses. You get all of your capital back in two or three good years. You just don't know when those two or three good years are going to be," Mr. Lindsay said. "The bottoming-out process is happening."
