Vancouver-based Teck Resources will today outline its investment pathway to grow copper production to 800 000 t/y before the end of the decade.

Teck president and CEO Jonathan Price and members of the executive will on Tuesday provide details on the company’s performance and strategy for energy transition metals growth.

At the core of Teck’s growth plan is a projected investment of $3.2-billion to $3.9-billion over the next four years, aimed at advancing four key projects: Quebrada Blanca (QB) optimisation in Chile, the Highland Valley Copper life extension in Canada, Zafranal in Peru, and San Nicolás in Mexico.

At Teck’s 60%-owned QB project, the company is advancing a low capital cost option of between $100-million and $200-million to boost production by between 15% and 25%.

A major portion of Teck’s copper capital expenditure is earmarked for the fully owned Highland Valley copper mine’s extension to the mid-2040s. The miner plans to invest between $1.3-billion and $1.4-billion to prolong the life of Canada’s biggest copper mine. Post-2024, the life-of-mine production will be 137 000 t/y.

The Zafranal copper and gold project, in which Teck has an 80% shareholding, will require a $1.5-billion to $1.9-billion investment. The project will produce about 126 000 t/y over the first five years. A sanction decision is expected in the second half of next year.

In Mexico, where Teck owns 50% of San Nicolás, the company is expecting 63 000 t/y of copper and 147 000 t/y of zinc over the first five years. A potential sanction decision is expected in the second half of next year, with Teck’s estimated funding requirement ranging between $0.3-billion and $0.5-billion.

With a strong balance sheet, bolstered by $2.3-billion in debt reduction so far this year and an ongoing $2.3-billion share buyback programme, Teck is positioned to fund this growth while continuing to return significant cash to shareholders.

“Teck is uniquely positioned in our industry, with the ability to deliver transformative near-term copper growth while simultaneously returning significant cash to shareholders,” said Price.

The growth pathway builds on significant copper growth achieved to-date, with output increasing from 297 000 t in 2023 to between 420 000 t and 455 000 t this year, rising to 510 000 to 590 000 t in 2025.

The Teck 2024 Strategy Day takes place Tuesday, November 5, 2024, from 4:00 pm to 8:00 pm.