Teck Resources, a leading Canadian mining company, has announced plans to invest up to $3.9 billion over the next four years to significantly increase its copper production. The company aims to reach an annual output of approximately 800,000 tonnes of copper by the end of the decade, driven by a focus on key projects across Chile, Canada, Peru, and Mexico.

Teck has demonstrated strong growth in recent years, with 2024 copper production reaching 446,000 tonnes, a substantial 50% increase compared to the previous year. This surge was primarily attributed to the successful ramp-up of the Quebrada Blanca (QB) copper mine in Chile. The company expects further production growth in 2025, with anticipated output ranging between 490,000 and 565,000 tonnes.

Quebrada Blanca, where Teck holds a 60% stake, is central to the company's growth strategy. The QB expansion, which reached its first production milestone in March 2023, achieved design throughput rates by the end of 2024. In the fourth quarter of 2024 alone, QB contributed significantly to Teck's record quarterly copper production.

The company is already advancing the next phase of development at Quebrada Blanca, the Quebrada Blanca Mill Expansion (QBME). This project, slated to commence production in 2026, has the potential to further increase the mine's throughput by 15% to 25% by the end of the decade. The estimated attributable capital cost for the QBME project ranges from $100 million to $200 million.

In Canada, Teck is investing between $1.3 billion and $1.4 billion to extend the productive life of its Highland Valley Copper mine, the largest copper operation in the country. This significant investment aims to keep the mine operational into the mid-2040s, with an average annual production forecast of 137,000 tonnes over its remaining lifespan.

The company is also progressing its 80%-owned Zafranal project in Peru. A final investment decision for Zafranal is expected in the second half of 2025. Once operational, the mine is projected to produce 126,000 tonnes of copper annually during its initial five years, along with significant gold by-product credits.

In Mexico, Teck is advancing the San Nicolás project in partnership with Agnico Eagle. Teck has allocated up to $500 million for the development of San Nicolás, which is anticipated to deliver 63,000 tonnes of copper and 147,000 tonnes of zinc annually. A final investment decision for this project is also expected in the second half of 2025.

While copper production has shown significant growth, other commodities saw mixed results. Zinc-in-concentrate production declined by 4% to 615,000 tonnes due to a shift towards copper-dominant ore at the Antamina mine in Peru. However, this decrease was partially offset by a 3% increase in zinc production at the Red Dog mine in Alaska.