Teck Resources has revised its copper production guidance for 2025, citing ongoing challenges at its Quebrada Blanca (QB) mine in Chile and Highland Valley Copper (HVC) operation in Canada.
The Vancouver-based miner noted that despite these setbacks the strategic rationale behind its recent $53bn (£39.72bn) merger with Anglo American remains intact.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In the third quarter (Q3), Teck reported QB copper output of 39,600 tonnes (t) and sales of 43,900t.
The company has now lowered its 2025 annual production guidance to between 170,000 and 190,000t, down from the previous 210,000–230,000t, due to extended downtime required to raise the tailings dam crest.
The 2026 forecast has also been reduced to 200,000–235,000t from an earlier 280,000–310,000t.
Teck stated that ongoing tailings management facility (TMF) development continues to limit output and will cause further concentrator downtime through this year, especially in Q3.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company now expects net cash unit costs this year to range from $2.65 to $3.00 per pound (lb), up from the prior guidance of $2.25 to $2.45/lb. As production improves, costs are projected to ease to $2.25 to $2.70/lb in 2026.
The company said optimisation work at QB, intended to lift throughput by 5–10%, will be deferred until after 2027–28 because of ongoing TMF development and planned downtime in 2026. Teck also warned that if sand drainage improvements or TMF construction do not progress as expected, production could face additional disruptions in 2026 and 2027.
QB has been key to Teck’s growth plans but has faced numerous challenges since its overhaul, including cost overruns, pit and plant instability, a ship-loader outage and waste storage issues.
Teck has cut its 2025 copper production guidance for the HVC mine in British Columbia to 120,000–130,000t, down from 135,000–150,000t, citing lower ore grades and maintenance. The company said its other assets are expected to perform largely in line with previous forecasts.
Anglo American expressed full support for Teck’s updated outlook, stating that the revisions align with the findings of its comprehensive operational review.
“Anglo American is fully supportive of Teck’s more measured approach to the ramp-up of Teck’s Quebrada Blanca operation over the next few years,” the miner said in a statement on Wednesday.
