Teck misses copper guidance, expects more extreme weather events – by Naimul Karim (Financial Post – February 1, 2023)


Teck misses copper and steelmaking coal output goals

Extreme weather events hurt Teck Resources Ltd. in 2022 as the Vancouver-based miner missed its copper and steelmaking coal output goals, the company said on Jan. 31.

The miner produced 65,400 tonnes of copper in its fourth quarter that ended on Dec. 31, pushing its overall annual production to 270,500 tonnes in 2022. That was lower than its estimate of 273,000 to 290,000 tonnes. In 2021, the company produced 72,000 tonnes of copper in its fourth quarter and 287,000 tonnes overall.

Teck attributed the lower production to a temporary closure from a geotechnical event at its Highland Valley Copper operations in south-central British Columbia, and “unplanned maintenance” and “extreme weather” at its Carmen de Andacollo operations in Chile.

Copper is expected to play a key role in the shift away from fossil fuels in the future, given it is essential for most electricity-related infrastructure. For example, it is used in wind turbines, solar photovoltaic panel wiring, and to transfer electricity.

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