Teck Cuts 2024 Copper Production Forecast
Oct 30, 2024
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Teck cuts 2024 copper production forecast
Canadian miner Teck Resources cut its 2024 copper production guidance by 7 percent on Monday, citing unplanned maintenance and other issues.
Due to labor constraints at the Highland Valley project and the new hauling truck system, as well as unplanned maintenance of the Quebrada Blanca grinding and flotation circuit, Teck lowered its 2024 copper production forecast to 420,000-455,000 tonnes from its previous expectation of 435,000-500,000 tonnes.
After the fire at the electrolytic zinc plant in September this year, the refined zinc production guidance was reduced to 240,000-250,000 tons.
Teck sold its remaining 77 percent stake in its steel-making coal business EVR to Glencore to focus on boosting copper production. Teck has several mid - to long-term projects in the early stages, including mine life extension in Highland Valley and continued exploration of Minas-San Nicholas and Zavranal as potential mines.
By mid-to-late 2025, all projects are in the process of obtaining the appropriate permits.
In the third quarter, copper production rose to 115,000 tons and copper sales rose to 111,000 tons, both up 60% from the same period last year.
The Quebrada Blanca mine produced 52,500 tonnes of copper, up 184% from the third quarter of 2023 as the mine continues to ramp up production. Copper production was lower in September due to planned and unplanned maintenance, the company said. The mine is expected to operate at full capacity by the end of 2024.
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