Canada-headquartered Teck Resources will miss its previously guided copper production target by between 60 000 t and 70 000 t, owing to delays in construction and commissioning of its Quebrada Blanca Phase 2 in Chile.
One of the copper growth projects is the mill expansion at Quebrada, or QBME, which entails an increase in concentrator throughput of about 50% with the addition of one identical semi-autogenous grinding line. The feasibility study for QBME, initiated in mid-2022, will be completed in the second half of 2023.
Zinc-in-concentrate production dipped to 164 000 t in the three months under review and refined zinc output dipped to 68 000 t. Red Dog’s lead production of 23 500 t in the second quarter was 2 500 t higher than a year ago as a result of higher lead grade, as expected in the mine plan. Recovery was lower than plan, owing to lead solubility in the feed material. This is expected to extend to the second half of the year and as such, Teck has reduced its 2023 production guidance for lead to between 95 000 t and 110 000 t, from its previous guidance of 110 000 t to 125 000 t.
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Teck Resources misses profit estimates, lowers annual copper output targetThe Quebrada Blanca Phase 2 project (QB2) in the South American country is one of the largest undeveloped copper resources in the world, and Teck had previously said it expected to achieve full production rates by the end of 2023. Teck, the target of a takeover bid by Swiss commodity giant Glencore, also reported the death of an employee at QB2 during the second-quarter. The company said it now expects annual copper production of 330,000 tonnes to 375,000 tonnes, down from its previous estimate of 390,000 tonnes to 445,000 tonnes.
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