The Globe and Mail reports in its Thursday edition that Teck has cut its production forecast yet again at its Quebrada Blanca (QB2) copper mine as it continues to struggle with engineering problems at the high-altitude operation in Chile. The Globe's Niall McGee writes that Teck announced the worse-than-expected guidance as it tries to persuade its investors to vote for the takeover of the company by Anglo-American PLC. Teck on Wednesday said that it is reducing QB2's forecast to 180,000 tonnes of copper from 220,000 tonnes. The company had already cut the forecast in July and January. QB2 has been a problem for years. The $8.7-billion (U.S.) project went 85 per cent over budget. After the mine went into production in 2023, the ramp-up did not go well either. This year, slow water drainage in the dam has repeatedly dragged down production. Teck on Wednesday said it will spend another $420-million next year on the dam but constraints on production will persist throughout 2026. Jefferies analyst Christopher LaFemina said that owing to the latest setback at QB2, Anglo would have little reason to increase its offer. Some analysts question whether Teck shareholders will approve the deal in a vote scheduled for Dec. 9.
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