Teck Announces First Copper at QB2 Project in Northern Chile
March 31 2023 - 11:47AM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) today announced its Quebrada Blanca Phase 2 Project
(“QB2”) has produced its first bulk copper concentrate, as the
project advances commissioning and ramps up to full production
through 2023.
“First copper concentrate production at QB2 is an important
milestone as we advance our commissioning and ramp up plan towards
full production this year,” said Jonathan Price, CEO. “This
achievement is made possible by the dedicated and skilled teams who
have worked diligently to progress this transformative operation,
which is the cornerstone of our copper growth strategy.”
At full production, QB2 will double Teck’s copper production on
a consolidated basis. As one of the world’s largest undeveloped
copper resources, it has an initial mine life of 27 years using
only approximately 18% of the 2022 reserves and resource tonnage
with significant potential for future growth. The operation is
targeted to achieve 285,000 – 315,000 tonnes of annual copper
production in 2024 - 2026. Teck’s 2023 copper production guidance
is unchanged.
QB2 incorporates leading sustainability practices, including the
first large-scale use of desalinated seawater for mining in Chile's
Tarapacá Region, and an agreement is in place to source 100%
renewable power from AES Andes for the operation beginning in 2025.
Teck has also been engaging with local communities in the QB2
project area since 2012 including working collaboratively to create
tangible benefits in the region, which will continue throughout the
life of the operation.
Teck owns an indirect 60% interest in Compañía Minera Teck
Quebrada Blanca SA ("QBSA"), the owner of QB2. Sumitomo Metal
Mining Co., Ltd. together with Sumitomo Corporation have a
collective indirect 30% interest in QBSA. ENAMI has a 10%
non-funding interest in QBSA.
For more information on QB2: click here.
Forward-Looking Statements This press release
contains certain forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information can be
identified by the use of words such as "expects", "intends", "is
expected", "potential" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be taken, occur, or be
achieved. Forward-looking statements include statements regarding
our expectations for and timing of the commissioning and ramp up of
the QB2 project and achievement of commercial production at QB2,
expectations regarding increases in copper production, and
sustainability performance and use of 100% renewable energy at the
QB2 project.
The forward-looking statements in this press release are based
on assumptions regarding our business, including our operational
and sustainability performance, and general economic conditions,
among other matters. Assumptions regarding QB2 include current
project assumptions and assumptions contained in the final
feasibility study, as well as there being no further unexpected
material and negative impact to the various contractors, suppliers
and subcontractors for the QB2 project relating to COVID-19 or
otherwise that would impair their ability to provide goods and
services as anticipated, and assumptions that the project is
constructed, commissioned and operated in accordance with current
expectations. The foregoing list of assumptions is not exhaustive.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, which may cause the actual
results, performance, or achievements to be materially different
from any future results. Factors that may cause actual results to
vary include, but are not limited to, our ability to progress
commissioning and ramp up activities at the QB2 project, the
ultimate sources of power under the QB2 power arrangements;
inaccurate geological and metallurgical assumptions (including with
respect to the size, grade and recoverability of mineral reserves
and resources); unanticipated operational difficulties (including
failure of plant, equipment or processes to operate in accordance
with specifications or expectations, cost escalation,
unavailability of materials and equipment, government action or
delays in the receipt of government approvals, changes in tax or
royalty rates, industrial disturbances or other job action, adverse
weather conditions and unanticipated events related to health,
safety and environmental matters); union labour disputes; impact of
COVID-19 and related mitigation protocols; political risk; social
unrest; inability to address concerns regarding permits or
environmental impact assessments, and changes to or further
deterioration in general economic conditions; and other risk
factors as detailed from time to time in Teck's reports filed with
Canadian securities administrators and the U.S. Securities and
Exchange Commission.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Teck does not assume the obligation to revise
or update these forward-looking statements after the date of this
document or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About TeckAs one of Canada’s leading mining
companies, Teck is committed to responsible mining and mineral
development with major business units focused on copper, zinc, and
steelmaking coal. Copper, zinc and high-quality steelmaking coal
are required for the transition to a low-carbon world.
Headquartered in Vancouver, Canada, Teck’s shares are listed on the
Toronto Stock Exchange under the symbols TECK.A and TECK.B and the
New York Stock Exchange under the symbol TECK. Learn more about
Teck at www.teck.com or follow @TeckResources.
Investor Contact:Fraser PhillipsSenior Vice
President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
Media Contact:Chris Stannell Public
Relations Manager604.699.4368chris.stannell@teck.com
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