Teck Resources Charts Growth Path with Multinational Mining Expansions

Teck Resources has laid out an ambitious plan focused on expanding its production capabilities through manageable key projects in Chile, Canada, Peru, and Mexico.

Quebrada Blanca Expansion Paves the Way for Copper Production

A significant element of Teck’s strategy is the Quebrada Blanca mine, where the company holds a 60% interest. The QB2 expansion achieved its first production milestone by March 2023, reaching design throughput rates expected by the end of 2024.

In the fourth quarter of 2024, Quebrada Blanca contributed 60,700 tonnes of copper to Teck’s total record quarterly production of 122,100 tonnes—an impressive 19% increase compared to the same quarter in 2023.

Teck is moving forward with the next development phase, the Quebrada Blanca Mill Expansion (QBME). Set to kick off production in 2026, this project could elevate the mine’s throughput by 15% to 25% by the decade’s end, with a projected capital expenditure of $100 million to $200 million.

Highland Valley: Canada’s Largest Copper Mine Receives Major Investment

Teck is committing between $1.3 billion and $1.4 billion to extend the life of its Highland Valley Copper mine, the largest copper operation in Canada. The goal is to keep the mine productive into the mid-2040s, aiming for an average annual output of 137,000 tonnes throughout its remaining lifetime.

Additionally, Teck is making strides on the Zafranal project in Peru, where it holds an 80% stake. A final investment decision is anticipated in the latter half of this year. Once operational, Zafranal is projected to yield 126,000 tonnes of copper annually during its initial five years, along with valuable gold by-products.

Teck Advances San Nicolás Project in Mexico

In Mexico, Teck is progressing with the San Nicolás project alongside Agnico Eagle (TSX, NYSE: AEM). The budget for this development is expected to reach up to $500 million, with the mine projected to produce 63,000 tonnes of copper and 147,000 tonnes of zinc annually. A final investment decision is expected in the second half of 2025.

Meanwhile, other commodities experienced mixed performance. Production of zinc in concentrate fell by 4% to 615,000 tonnes due to a shift toward copper-dominant ore at the Antamina mine in Peru. Conversely, zinc production increased by 3% at the Red Dog mine in Alaska, somewhat balancing the overall output.