Teck Resources raises cost estimates for QB2 project in Chile

VANCOUVER — Teck Resources Ltd. raised the cost estimates for its QB2 copper project in Chile as it reported its latest quarterly results and lowered its production guidance for copper, molybdenum and steelmaking coal for the year.

In its guidance, Teck lowered its annual copper production forecast to 320,000 to 365,000 tonnes from 330,000 to 375,000 tonnes for this year and cut its annual molybdenum production guidance to 3.0 million to 3.8 million pounds from 4.5 million to 6.8 million pounds. It also said it expects steelmaking coal production this year to be between 23.0 million and 23.5 million tonnes, down from earlier expectations for 24.0 million to 26.0 million tonnes.

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