Teck Resources (TSX: TECK.A/TECK-B; NYSE: TECK) is preparing to double its copper output by 2023 to take advantage of accelerated metal demand from global economic growth and the transition to a lower-carbon economy, president and CEO Don Lindsay tells The Northern Miner.
The mining executive says Teck is well-positioned to benefit from the anticipated growth in global copper demand of 2.3 times by 2050. The company has a growth initiative in place at each of its core copper operations comprising four operating mines — Highland Valley in Canada, Antamina in Peru, Carmen de Andacollo in Chile and Quebrada Blanca, also in Chile.
“These mines have a ten-year average gross profit margin of 47% and place us amongst the lowest carbon intensity copper producers,” he says in an interview.
Copper is one of Teck’s four business units besides steelmaking coal, oil and zinc, and is considered a company priority.
The Vancouver-based company’s copper operations started 2021 strong with an increase in gross profit before depreciation and amortisation of 76% in the first quarter, compared with the same period last year, on 71,700 tonnes of the red metal, which was in line with the annual guidance.
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