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Teck Resources (TECK) Receives Grant Worth $10M From CleanBC
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Teck Resources Limited's (TECK - Free Report) Teck Trail Operations announced that it received a $10-million grant from the Government of British Columbia's CleanBC Industry Fund to expand its Carbon Capture Utilization and Storage (“CCUS”) pilot project.
Teck is continuously looking for opportunities to lower its carbon footprint, while supplying critical resources required for a low-carbon future. The Carbon Capture pilot plant construction activity has begun.
The CleanBC funding will speed up the assessment of viable options for carbon utilization and/or sequestration of the captured carbon dioxide from Trail Operations.
This funding is a vital alliance between industry and government to achieve their shared climate goals.
The CCUS pilot project aligns well with Teck’s climate action strategies. It is expected to begin operations in late 2023. Once operational, the Trail CCUS pilot should be able to capture 1 ton of carbon dioxide per day from Trail Operations.
If the initiative is successful, it may be expanded up to an industrial CCUS operation capable of capturing more than 100,000 tons of carbon dioxide per year at Trail Operations, the equivalent of 20,000 cars.
TECK intends to reduce the carbon intensity of operations by 33% by 2030 and become a net zero operator by 2050.
Price Performance
Shares of Teck Resources have gained 58.1% in the past year compared with the industry's 9.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Carpenter Technology has an average trailing four-quarter earnings surprise of 30.9%. The Zacks Consensus Estimate for CRS’s fiscal 2023 earnings is pegged at $1.04 per share. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. Its shares have gained 111.9% in the last year.
Orla Mining has an average trailing four-quarter earnings surprise of 85.4%. The Zacks Consensus Estimate for ORLA’s 2023 earnings is pegged at 15 cents per share. The consensus estimate for 2023 earnings has moved 87.5% north over the past 60 days. ORLA’s shares gained 48% in the last year.
The Zacks Consensus Estimate for Osisko Gold Royalties’ fiscal 2023 earnings per share is pegged at 47 cents. Earnings estimates have moved 6.8% north in the past 60 days. OR’s shares have gained 50.9% in the past year.
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Teck Resources (TECK) Receives Grant Worth $10M From CleanBC
Teck Resources Limited's (TECK - Free Report) Teck Trail Operations announced that it received a $10-million grant from the Government of British Columbia's CleanBC Industry Fund to expand its Carbon Capture Utilization and Storage (“CCUS”) pilot project.
Teck is continuously looking for opportunities to lower its carbon footprint, while supplying critical resources required for a low-carbon future. The Carbon Capture pilot plant construction activity has begun.
The CleanBC funding will speed up the assessment of viable options for carbon utilization and/or sequestration of the captured carbon dioxide from Trail Operations.
This funding is a vital alliance between industry and government to achieve their shared climate goals.
The CCUS pilot project aligns well with Teck’s climate action strategies. It is expected to begin operations in late 2023. Once operational, the Trail CCUS pilot should be able to capture 1 ton of carbon dioxide per day from Trail Operations.
If the initiative is successful, it may be expanded up to an industrial CCUS operation capable of capturing more than 100,000 tons of carbon dioxide per year at Trail Operations, the equivalent of 20,000 cars.
TECK intends to reduce the carbon intensity of operations by 33% by 2030 and become a net zero operator by 2050.
Price Performance
Shares of Teck Resources have gained 58.1% in the past year compared with the industry's 9.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation (CRS - Free Report) , Orla Mining Ltd. (ORLA - Free Report) and Osisko Gold Royalties Ltd (OR - Free Report) . CRS and ORLA sport a Zacks Rank #1 (Strong Buy) at present, and OR has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 30.9%. The Zacks Consensus Estimate for CRS’s fiscal 2023 earnings is pegged at $1.04 per share. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. Its shares have gained 111.9% in the last year.
Orla Mining has an average trailing four-quarter earnings surprise of 85.4%. The Zacks Consensus Estimate for ORLA’s 2023 earnings is pegged at 15 cents per share. The consensus estimate for 2023 earnings has moved 87.5% north over the past 60 days. ORLA’s shares gained 48% in the last year.
The Zacks Consensus Estimate for Osisko Gold Royalties’ fiscal 2023 earnings per share is pegged at 47 cents. Earnings estimates have moved 6.8% north in the past 60 days. OR’s shares have gained 50.9% in the past year.