09:43:48 EST Wed 07 Dec 2022
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Globe says Teck, others struggle with supply chain woes

2021-12-13 08:48 ET - In the News

See In the News (C-TECK) Teck Resources Ltd

The Globe and Mail reports in its Monday edition that mining companies are facing long delays getting new equipment and transporting shipments because of supply chain problems and other challenges. The Globe's Irene Galea writes that in a recent analyst calls, Vancouver-based mining company executives noted the effects on their bottom lines. In October, Donald Lindsay, president of Teck Resources, said that inflationary pressures, wildfire disruptions and increased ocean freight rates continued to put pressure on transport costs. Tristan Pascall, chief executive officer of First Quantum Minerals, said the company's staff were fighting "in the trenches" to get their containers on ships. Toronto-based Canadian gold companies, too, are feeling the effects of delayed supplies. In November, Natasha Nella Dominica Vaz, chief operating officer of Kirkland Lake Gold, mentioned that batteries and power equipment were in low supply. Meanwhile, Gordon Stothart, president of Iamgold, said overall friction in the supply chain was "generating some spiky results." Revenue for mining companies in British Columbia dropped $2-billion in 2020 compared to 2019, according to the Mining Association of British Columbia.

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