Teck Resources Ltd., Canada's largest base-metals producer, said growing metal use in China, South Korea, India, Japan and Brazil more than makes up for weaker demand in the U.S.

"We're seeing strong growth in metal consumption that is up from the economic low point in countries such as India, Japan, Korea and of course Brazil," Teck Chief Executive Officer Donald Lindsay said today in a speech in Ottawa. "When these sources of metal demand are added to that of China, it more than makes up for what is clearly a very weak U.S. economy."

Teck's shares have risen more than sixfold this year, partly driven by a recovery in demand for metallurgical coal, copper and zinc, the company's three biggest products. Copper has more than doubled this year on the London Metal Exchange, while zinc has climbed 85 percent.

Teck doesn't want to sell its stake in Suncor Energy Inc.'s C$25.3 billion ($23.9 billion) Fort Hills oil-sands project in Alberta, Lindsay told reporters after his presentation. The company isn't in talks to sell any of its coal division "because we'd like to wait and let this coal market continue to improve, which it is."Teck fell $1.07, or 2.9 percent, to $36.29 at 4:15 p.m. in Toronto Stock Exchange trading.