Teck misses copper, zinc guidance for 2023, coal production above projections

Teck Resources’ (TSX: TECK.A and TECK.B; NYSE: TECK) Canada’s largest diversified miner, said its 2023 annual production was impacted by challenges across operations through the year, and as a result copper and zinc guidance fell short.

Copper production was 296,500 tonnes while guidance for 2023 had been for between 320,000 and 365,000 tonnes.

Production was impacted by a slower ramp-up at its QB2 operation in Chile, which was plagued with cost overruns, and a localized geotechnical fault at its Highland Valley Copper in British Columbia August that it said has been stabilized.

Zinc in concentrate production of 644,000 tonnes was marginally below the low end of guidance of between 645,000 and 685,000 tonnes as a result of weather-related issues in the first quarter, and equipment failures at Red Dog, Teck said in the statement.

Refined zinc production of 266,600 tonnes was below guidance of  between 270,000 and 290,000 tonnes due to weather-related impacts in the first quarter as well as concentrate supply issues in the third quarter and beginning of the fourth quarter, Teck said.

Meanwhile, at its steelmaking coal business unit, production was higher than previously disclosed guidance. Steelmaking coal production of 23.7 million tonnes was higher than the top end of guidance due to strong performance in the fourth quarter and improvements in capital expenditure guidance for 2024, Teck said.

THIS ARTICLE WAS ORIGINALLY POSTED ON MINING.COM