19:31:51 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Teck Resources Ltd
Symbol TECK
Shares Issued 513,313,506
Close 2023-07-27 C$ 55.81
Market Cap C$ 28,648,026,770
Recent Sedar Documents

Globe says Teck lowers copper production outlook by 15%

2023-07-28 07:47 ET - In the News

The Globe and Mail reports in its Friday edition that Teck Resources cut its copper forecast for the year by about 15 per cent to between 330,000 and 375,000 tonnes, owing mainly to delays in construction and commissioning of its QB2 copper mine in Chile. The Globe's Niall McGee writes that the giant mine started commercial production in the quarter and cost $8.1-billion (U.S.) to build. Harry Conger, Teck's chief operating officer, said in a conference call Thursday that various adjustments and modifications that led to the production cut are now in the rearview mirror, and he expressed confidence the mine will be at its full production potential by the end of the year. QB2 is Teck's cornerstone asset as it attempts to shift more of its revenue mix toward copper and away from coal. Teck also announced Thursday that a worker was killed at QB2 during the quarter. The death occurred at a part of the mine that had been decommissioned and was non-operational, Teck said in a statement to The Globe. "Learnings from the investigation are being shared across Teck and with industry peers to prevent future incidents," the company said. Teck closed Thursday at $55.81, up 14 cents on the Toronto Stock Exchange.

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