Teck Joins Miners Benefiting From Loonie Drop: Corporate Canada
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Teck Resources Ltd. and HudBay Minerals Inc. are among resource companies poised to profit from a sliding Canadian dollar even as analysts call an end to the commodity boom.
Canada’s currency has fallen 6.7 percent to C$1.0583 per U.S. dollar from parity at the beginning of the year in the steepest first half slide since 1984. Today it weakened past C$1.06 per U.S. dollar for the first time since October 2011. Miners with costs in Canadian dollars and sales in the U.S. stand to benefit if the slide continues and they repatriate revenue.