July 20th, 2024

Teck Resources says 2023 copper production fell short of guidance

By The Canadian Press on January 16, 2024.

VANCOUVER – Teck Resources Ltd. says its copper production for 2023 fell short of its guidance for the year, while its zinc production also came in slightly below its expectations.

The Vancouver-based miner says copper production for 2023 totalled 296,500 tonnes as it faced a slower ramp-up at its QB2 project, as well as a localized geotechnical fault at its Highland Valley Copper operations in August that has been stabilized. The company’s guidance for 2023 had been for between 320,000 and 365,000 tonnes.

Meanwhile, Teck says zinc in concentrate production was 644,000 tonnes for the year compared with guidance for between 645,000 and 685,000 tonnes. Refined zinc production was 266,600 tonnes compared with guidance for between 270,000 and 290,000 tonnes.

Teck’s steelmaking coal production totalled 23.7 million tonnes for 2023 compared with guidance for between 23.0 million and 23.5 million tonnes.

In its outlook for 2024, Teck says it expects copper production between 465,000 and 540,000 tonnes, while zinc in concentrate production is forecast between 565,000 and 630,000 tonnes. Refined zinc production this year is expected between 275,000 and 290,000 tonnes.

Steelmaking coal production for 2024 is expected to come in between 24.0 million and 26.0 million tonnes.

This report by The Canadian Press was first published Jan. 16, 2024.

Companies in this story: (TSX:TECK.B)

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