Teck Resources Limited has announced net earnings of $609 million or $1.07 a share in the third quarter this year.

They recorded record revenues in the quarter of $2.1 billion and year-to-date revenue of $5.5 billion.

Their copper, coal and zinc business units all had higher revenues comparative to the same time last year.

“Our major operations continue to perform well and produced record revenues of $2.1 billion in the third quarter despite coal and zinc prices that were less than 50 per cent of previous highs,” said Teck president and CEO Don Lindsay in their third quarter results report.

“Our total debt has now been reduced by $5 billion since we completed the Fording transaction in October 2008. We expect further reductions of approximately $1.1 billion upon the completion of previously announced asset sales expected later this year and early 2010.”

Operating profit from Teck’s zinc business unit was $160 million in the third quarter compared to $129 million in 2008, due in part to Trail returning to full production of 25,000 tonnes of zinc a month from 20,000.

The sale of 1/3 stake in the Waneta Dam to B.C. Hydro for $825 million is expected to alleviate more of Teck’s debt load along with sales of the Morelos gold project in Mexico, a portion of the future gold production from Carmen de Andacollo in Chile and two Turkish gold projects.

In July, the mining company announced the sale of a 17.2 per cent stake in the company to China Investment Corporation for US$1.7 billion.

This deal changed their rating to stable from negative after their acquisition of Fording Canadian Coal Trust last year gave them US$9.8 billion in debt.

The acquisition was initially praised by investors, but as the global recession set in the move was seen as near fatal.

Since then the US$5.81 billion bridge debt has been paid in full and the US$4 billion term debt has been reduced to US$2.7 billion.

Their operating profit before depreciation was approximately $1 billion compared to $798 million last year.

Teck also noted in their third quarter report they are continuing to work to fulfill their obligations under their settlement agreement with the U.S. and their Environmental Protection Agency in June 2006 to complete their remedial investigation and feasibility study of the Upper Columbia River. Work plans include sampling of beaches, surface water and fish.

Discovery and motion proceedings also continue in the Lake Roosevelt litigation case in the Federal District Court for the Eastern District of Washington.

The first phase of the case dealing with liability for cost recovery and natural resource damages is scheduled to be tried in October 2010.