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Teck Resources Ltd
Symbol TECK
Shares Issued 492,718,066
Close 2025-04-24 C$ 50.16
Market Cap C$ 24,714,738,191
Recent Sedar Documents

Globe says Teck still struggling with QB2 mine

2025-04-25 08:45 ET - In the News

The Globe and Mail reports in its Friday edition that Teck stumbled once again in its latest quarter, as it encountered more problems at its giant QB2 copper mine, while its zinc business did well. The Globe's Niall McGee writes that Teck put the high-altitude QB2 mine in northern Chile into production in 2023, but the $8.7-billion (U.S.) project went way over budget. Getting the mine to full production has been difficult, with grade shortfalls and output misses among the early challenges. Over the past few quarters, investors have been watching for signs that things have stabilized at QB2. However, Teck said Thursday in its earnings release that its 2025 production forecast for the mine will be at the lower end of its estimate, and that its costs will be on the higher end. That is in large part because QB2 will be subject to more maintenance downtime than originally predicted, as work on finishing its tailings dam construction continues. "QB2 teething pains continue," Scotia Capital analyst Orest Wowkodaw said in a note. Production at QB2 in the first quarter fell by 30 per cent compared with the previous quarter owing in part to an 18-day maintenance outage. The mine operated at only 60 per cent of maximum capacity.

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