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Teck says first copper concentrate produced at QB2 project in Chile

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(Kitco News) - Teck Resources (TSX: TECK.A and TECK.B) (NYSE: TECK) today announced its Quebrada Blanca Phase 2 project ("QB2") has produced its first bulk copper concentrate, as the project advances commissioning and ramps up to full production through 2023.

"First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year," said CEO Jonathan Price. "This achievement is made possible by the dedicated and skilled teams who have worked diligently to progress this transformative operation, which is the cornerstone of our copper growth strategy."

The company said that at full production, QB2 will double Teck's copper production on a consolidated basis.

"As one of the world's largest undeveloped copper resources, it has an initial mine life of 27 years using only approximately 18% of the 2022 reserves and resource tonnage with significant potential for future growth," Teck added.

The operation is targeted to achieve 285,000 – 315,000 tonnes of annual copper production in 2024 - 2026. Teck noted that its 2023 copper production guidance is unchanged.

"QB2 incorporates leading sustainability practices, including the first large-scale use of desalinated seawater for mining in Chile's Tarapacá Region, and an agreement is in place to source 100% renewable power from AES Andes for the operation beginning in 2025," the company said.

Teck owns an indirect 60% interest in Compañía Minera Teck Quebrada Blanca SA ("QBSA"), the owner of QB2. Sumitomo Metal Mining Co., Ltd. together with Sumitomo Corporation have a collective indirect 30% interest in QBSA. ENAMI has a 10% non-funding interest in QBSA.

Teck is one of Canada's leading mining companies. The company's major business units focused on copper, zinc, and steelmaking coal.

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