Why This Miner Is Excited About Copper
Teck Resources (NYSE: TECK) is a diversified Canadian miner that recently wrapped up a big oil investment. With that project now complete, the miner has started to mend its balance sheet and it is looking to its next big investment, this time in the copper space. Copper prices are weak right now, but Teck's management is still excited about this multibillion-dollar project. Here's what you need to know.
Teck's investment in the Fort Hills oil sands project was green-lighted in late 2013. Roughly eight months later, oil prices had fallen into a deep bear market, taking the price of the commodity from over $100 per barrel to the $30 range. It was a devastating blow to the oil industry, with some of the weaker names in the space seeking out bankruptcy protections.
Image source: Getty Images.
Source Fool.com
