Teck Resources boosts copper output by 74% through QB expansion in Chile

Teck Resources' copper output surged 74% in Q1, driven by Quebrada Blanca (QB) mine expansion in Chile. QB2 production, delayed by weather and COVID-19, saw increased costs.

Teck Resources, Canada's largest diversified miner, has seen a significant 74% increase in its copper production in the first three months of the year, mainly due to the commissioning of the extension of its Quebrada Blanca (QB) mine in Chile.

During the first quarter, the Vancouver-based company produced 99,000 metric tons of copper, of which 43,300 metric tons were produced by QB. The new area of the mine, known as QB2, began production three years later than originally planned, due to construction interruptions caused by weather and the COVID-19 pandemic. During this process, the key growth project experienced significant cost escalations.

In the first quarter, Teck completed all major outstanding constructions at QB, including the ship loader and the molybdenum plant, anticipating an increase in production for the second quarter. It also celebrated the first shipment of concentrate from its new port facility. Teck CEO, Jonathan Price, praised the strong performance in the first quarter, with adjusted earnings of $1.7 billion and an upward trend in copper production. 

The Antamina mine in Peru and the Highland Valley Copper mine in Canada also demonstrated robust performance. Copper production for the year is expected to range between 465,000 and 540,000 tonnes, significantly surpassing the 296,500 tonnes in 2023. The capital cost of the QB2 project remained between $8.6 and $8.8 billion.