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Teck Resources’ 2023 metallurgical coal production exceeds upper limit of target range

On January 15, Canadian mining company Teck Resources disclosed unaudited production status for 2023 and 2024 targets.  In the fourth quarter of 2023, Teck Resources produced 6.4 million tons of metallurgical coal and sold 6.1 million tons; the full-year output was 23.7 million tons. Due to the improvement in factory performance, which led to an increase in output, the strong performance in the fourth quarter drove high output in 2023. The upper limit of the previously disclosed target range of 23-23.5 million tons.  

Teck Resources expects its metallurgical coal production to be 24-26 million tons in 2024, and it expects production to remain at this level from 2025 to 2027.   However, output from the base metals business was below the lower end of Teck’s previously disclosed target range. In the fourth quarter of 2023, the company produced 103,500 tons of copper and sold 101,200 tons; affected by the slowdown in production growth of the Quebrada Blanca Copper Mine Phase II Project (QB2) and the decline of the Highland Valley Copper Mine in August. Affected by local geological faults, Teck Resources’ annual copper output was 296,500 tons, lower than the target of 320,000-365,000 tons.  

In the fourth quarter, Teck Resources’ zinc concentrate output was 181,800 tons, and its sales volume was 164,100 tons. Due to weather problems in the first quarter and equipment failure at Red Dog Mine, the annual zinc concentrate output was 644,000 tons, which was less than 645,000-685,000 tons. The goal.  

Affected by the weather in the first quarter and concentrate supply issues in the third and early fourth quarters, Teck Resources’ refined zinc production in 2023 was 266,600 tons, slightly lower than the target range.