Teck Resources Revises Copper Production Target for 2023

Teck Resources, a Canadian mining company, has adjusted its 2023 target for copper production due to lower output at its Quebrada Blanca mine in Chile and reduced lead production at the Red Dog operation in Alaska.

Copper Production Forecast:

The company now expects copper production this year to range between 330,000 and 375,000 metric tons. The first half of the year saw a decline in copper output from 139,000 to 121,000 tons. Teck previously anticipated a higher copper production of 390,000 to 445,000 tons for 2023, a significant increase from 270,500 tons in 2022.

Lead Production at Red Dog:

The new forecast for lead production at the Red Dog operation is between 95,000 and 110,000 tons, down from the previous target of 110,000 to 125,000 tons.

Future Projections:

Teck affirmed its target for total annual copper production between 545,000 and 640,000 tons from 2024 to 2026. Similarly, it maintained its forecast for steelmaking coal output at 24 million to 26 million tons in 2023 and for the following years. At the Red Dog operation, the company expects lead production of 85,000 to 95,000 tons per year from 2024 to 2026.

Quebrada Blanca 2:

Teck reported the completion of the first shipment and sale of copper concentrate at Quebrada Blanca 2 during the second quarter. The company aims to operate at full production rates at this site by the end of 2023. However, due to delays in construction and commissioning, the 2023 production guidance for QB2 has been adjusted to 80,000 to 100,000 tons. The prior annual guidance for 2024 to 2026 remains unchanged.