Teck Resources (TECK, Financial), a Canadian mining company, has announced its unaudited production figures for the fourth quarter of 2024 and the full year, alongside operational and capital expenditure guidance for 2025. The company anticipates releasing its financial results for the fourth quarter of 2024 in February 2025.
Teck Resources forecasts a copper production increase to between 490,000 and 565,000 tonnes in 2025, up from 446,000 tonnes in 2024. This growth aligns with the company's strategy to enhance long-term value through balanced investments in growth and shareholder returns.
Over the next four years, Teck Resources plans to invest between $3.2 billion and $3.9 billion in four major copper projects: the expansion of the Quebrada Blanca (QB) project, the Zafranal project, the San Nicolás project, and the extension of the Highland Valley Copper mine's lifespan. These initiatives aim to boost the company's annual copper production to approximately 800,000 tonnes by the end of the decade.
In terms of costs, the net cash unit cost for the Quebrada Blanca (QB) copper mine is expected to decrease significantly to between $1.80 and $2.15 per pound in 2025, compared to the 2024 guidance of $2.25 to $2.55 per pound. This improvement is attributed to increased copper production, higher molybdenum by-product credits, and the completion of capacity enhancements, leading to stable operations in 2025.
In 2024, Teck Resources achieved a 50% increase in copper production to 446,000 tonnes, while zinc concentrate production fell by 4% to 615,900 tonnes. Refined zinc production also decreased by 4% to 256,000 tonnes, primarily due to a localized fire at the Trail zinc plant affecting fourth-quarter output.
Looking ahead to 2025, Teck Resources expects general administrative costs and research and innovation expenses to decline by approximately 15% and 35%, respectively, compared to 2024. By optimizing its cost structure and advancing key projects, the company aims to enhance copper production and strengthen shareholder returns through share buybacks, reinforcing its leadership in the mining industry.
