The Financial Post reports in its Thursday edition Teck Resources does not expect the poor steelmaking coal market to turn around any time soon. The Post's Peter Koven quotes chief executive officer Don Lindsay as telling analysts on a call that global production cutbacks and mine closures this year will remove about 25 million tonnes of coal from the market, but he does not think it is nearly enough. Mr. Lindsay figures there will still be an imbalance of about 10 million to 15 million tonnes until the middle of next year, and with an estimated one-third of global seaborne output being produced at a loss, he thinks further cuts are likely. The steelmaking (or coking) coal market has been in the dumps because of soaring production from Australia and slowing demand from China. Prices are down to $119 (U.S.) a tonne or lower; by comparison, Teck's average sale price was $257 (U.S.) in 2011. Teck's share price is down more than 30 per cent since late July. One reason for investor concern is that the company is in the midst of a massive $2.9-billion investment in the Fort Hills oil sands project, with only $421-million spent so far. Mr. Lindsay used the call to assure investors the company has financial resources.