Teck Resources Ltd (USA) (NYSE:TCK) would certainly think the timing opportune, though it probably won’t reverse its decision to cut capex spending. It reported earnings yesterday reflecting copper’s depressed state over the last six months, and said it was delaying the expansion of its Quebrada Blanca project in Chile. While it was partly the result of the financial resources the mine would consume, the delay is also a result of the changing political landscape there. As Barrick Gold Corporation (USA) (NYSE:ABX) has learned, the government is taking a harder line stance on giving miners free rein.
Still, Teck Resources Ltd (USA) (NYSE:TCK) offered a cautious outlook because of the uncertainty surrounding both the U.S. and Europe, and with both regions looking better, we might just see Teck Resources Ltd (USA) (NYSE:TCK) — and other copper miners — burnish their outlooks tomorrow.
We’re not about to see copper prices go parabolic here, but I think we will see pricing continue to firm, even if there are setbacks along the way. Mining stocks have been on the outs for some time now, and I think we’re getting to the point where they’re starting to look more attractive, particularly those that are focusing on copper.
The article Here Comes Copper’s Comeback originally appeared on Fool.com.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Freeport-McMoRan Copper & Gold.
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