- Teck (TECK.A) announced that its Quebrada Blanca Phase 2 Project (QB2) has produced its first bulk copper concentrate
- The project is advancing commissioning and ramps up to full production through 2023
- At full production, QB2 will double Teck’s copper production on a consolidated basis
- The operation targets to achieve 285,000 – 315,000 tonnes of annual copper production in 2024 – 2026
- Teck is a diversified miner with coal, copper and zinc operations in Canada, the United States, Chile, and Peru
- Teck Resources Limited (TECK.A) is up 1.14 per cent, trading at C$80.00 per share at 3:45 pm ET
Teck (TECK.A) announced that its Quebrada Blanca Phase 2 Project (QB2) has produced its first bulk copper concentrate.
The project is advancing commissioning and ramps up to full production through 2023. At full production, QB2 will double Teck’s copper production on a consolidated basis.
About QB2
The company reports that as one of the world’s largest undeveloped copper resources, QB2 has an initial mine life of 27 years. This is using only approximately 18 per cent of the 2022 reserves and resource tonnage with significant potential for future growth.
The operation targets to achieve 285,000 – 315,000 tonnes of annual copper production in 2024 – 2026. Teck’s 2023 copper production guidance is unchanged.
Jonathan Price, CEO of Teck Resources, commented on the news.
“First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year. This achievement is made possible by the dedicated and skilled teams who have worked diligently to progress this transformative operation, which is the cornerstone of our copper growth strategy.”
QB2 incorporates leading sustainability practices, including the first large-scale use of desalinated seawater for mining in Chile’s Tarapacá Region. It also has an agreement in place to source 100 per cent renewable power from AES Andes for the operation beginning in 2025.
Teck has also been engaging with local communities in the QB2 project area since 2012. It is working collaboratively to create tangible benefits in the region, and expects it to continue throughout the life of the operation.
About Teck
Teck is a diversified miner with coal, copper and zinc operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck’s primary commodity in terms of EBITDA contribution, closely followed by copper, with zinc contributing a smaller amount to earnings. Teck ranks as the world’s second-largest exporter of seaborne metallurgical coal and is a top-three zinc miner.
Teck Resources Limited (TECK.A) is up 1.14 per cent, trading at C$80.00 per share at 3:45 pm ET.
