Teck Outlines Ambitious Copper Growth Strategy in Four Regions

Teck Resources Limited, a leading mining company based out of Canada, unveiled on November 4 a detailed strategy that will boost its copper production significantly, and deliver substantial shareholder returns. The company's 2024 Strategy Day highlighted its commitment to becoming a major player in the global copper market.

Teck plans to invest between US$3.2 billion and US$3.9 billion over the next four years to develop four key copper projects. These projects are expected to increase annual copper production to around 800,000 tonnes by the end of the decade. These projects are -

Quebrada Blanca Optimization- A low-cost project to increase production at the company's Chilean copper mine.

Highland Valley Copper Mine Life Extension-Extending the life of Canada's largest copper mine.

Zafranal Project- A large-scale copper-gold project in Peru, currently in the advanced stages of development.

San Nicolás Project- A copper-zinc project in Mexico, developed in partnership with another mining company.

The company boasts a robust balance sheet, having reduced debt by $2.3 billion in 2024 and currently holding a net cash position of $1.8 billion.

Teck has returned over $5.3 billion to shareholders since 2019, including significant share buybacks. The company remains committed to returning cash to shareholders while investing in growth projects.

Jonathan Price, President and CEO of Teck, expressed confidence in the company's ability to deliver on its growth strategy. “Teck is uniquely positioned in our industry, with the ability to deliver transformative near-term copper growth while simultaneously returning significant cash to shareholders,” he said. 

“We are executing on a disciplined strategy to grow copper production by advancing our portfolio of lower capital intensity, high-returning projects in stable jurisdictions. We are focused on disciplined allocation of capital that balances value-accretive growth with continued cash returns to shareholders, all while maintaining a strong balance sheet through market cycles,” Price further added.

Teck's focus on copper growth aligns with the increasing global demand for this critical metal, driven by the energy transition and electrification of various industries. By executing its strategic plan, Teck aims to solidify its position as a leading copper producer and create long-term value for its shareholders.

Teck Resources Limited is a leading Canadian natural resources company committed to responsible mining and creating sustainable value. With a focus on copper, zinc, steelmaking coal, and energy development, Teck operates major mining projects and assets in Canada, the U.S., and South America. The company’s diverse portfolio includes some of the world’s largest copper and zinc operations, as well as key coal assets that supply steelmakers globally.