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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Teck Resources Limited (NYSE:TECK) (Vancouver, British Columbia) logged 446,000 tons of copper output for 2024, 50% more than in 2023. The increase was largely due to the ramp-up of the Quebrada Blanca copper mine in Chile, which produced 208,000 tons last year, compared with 55,500 tons in 2023, the company said in its quarterly earnings report last week.
The mine reached the 2024 production levels after the completion of its new concentrator in 2023 and its continued ramp-up. Teck's guidance for 2025 calls for annual copper production at Quebrada Blanca at between 230,000 and 270,000 tons. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the Quebrada Blanca plant profile.
The Antamina mine, in Peru, increased its yearly production by 0.7% to 427,000 tons, from which Teck received 96,000 tons for its 22.5% stake in the company. Subscribers can click here for the Antamina mine plant profile.
Teck set its copper production guidance between 490,000 and 565,000 tons for 2025. The company also highlighted that two of the three Quebrada Blanca's labour unions and Antamina's labour union ratified new three-year collective bargaining agreements, offering labour stability.
The company recorded zinc concentrate output of 616,000 tons for 2024, led by a strong performance from its Red Dog mine, located in Alaska. Subscribers can click here for a plant profile of the Red Dog mine.
For this year, however, the company has set a zinc concentrate guidance between 525,000 and 575,000 tons, mainly due to declining grades from Red Dog.
Teck said returned US$1.8 billion to shareholders through share buybacks and dividends in 2024. The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$2.9 billion, double year over year and reduced its debt by US$1.8 billion.
The company will focus on transition minerals for the next few years; this is supported by Teck's sale of its steelmaking coal business for US$8.6 billion.
Teck President and Chief Executive Officer Jonathan Price said, "2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The mine reached the 2024 production levels after the completion of its new concentrator in 2023 and its continued ramp-up. Teck's guidance for 2025 calls for annual copper production at Quebrada Blanca at between 230,000 and 270,000 tons. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can click here for the Quebrada Blanca plant profile.
The Antamina mine, in Peru, increased its yearly production by 0.7% to 427,000 tons, from which Teck received 96,000 tons for its 22.5% stake in the company. Subscribers can click here for the Antamina mine plant profile.
Teck set its copper production guidance between 490,000 and 565,000 tons for 2025. The company also highlighted that two of the three Quebrada Blanca's labour unions and Antamina's labour union ratified new three-year collective bargaining agreements, offering labour stability.
The company recorded zinc concentrate output of 616,000 tons for 2024, led by a strong performance from its Red Dog mine, located in Alaska. Subscribers can click here for a plant profile of the Red Dog mine.
For this year, however, the company has set a zinc concentrate guidance between 525,000 and 575,000 tons, mainly due to declining grades from Red Dog.
Teck said returned US$1.8 billion to shareholders through share buybacks and dividends in 2024. The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$2.9 billion, double year over year and reduced its debt by US$1.8 billion.
The company will focus on transition minerals for the next few years; this is supported by Teck's sale of its steelmaking coal business for US$8.6 billion.
Teck President and Chief Executive Officer Jonathan Price said, "2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production."
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
