Teck misses copper, zinc guidance for 2023, coal production higher

Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK), Canada’s largest diversified miner, said its copper and zinc mine operations faced a number of challenges through 2023, resulting in the production of these metals falling short of its annual guidance.

Copper production came to tonnes, while its guidance for the year had been for between 320,000 and 365,000 tonnes.

Production was impacted by a slower ramp-up at the QB2 operation in Chile, which was plagued with cost overruns, and by a geotechnical fault at its Highland Valley copper operation in British Columbia that has now 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 the Red Dog mine, 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, it added.

Meanwhile, at Teck’s 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.