Canadian mining company Teck Resources will invest up to US$3.9 billion (A$6.2 billion) to increase its copper production to 800,000 tonnes per year by 2030.
Teck aims to develop four near-term copper projects in Chile, Canada, Peru, and Mexico.
“Teck underwent a significant portfolio transformation in 2024, repositioning itself as a pure-play energy transition metals business focused on Copper and Zinc,” the company said.
“We continued to advance our value accretive copper growth strategy, reinforcing our commitment to long-term value creation through a balanced approach of growth investments and shareholder returns.”
The company reported 446,000 tonnes of copper production in 2024, up 50% over 2023. Its gains were largely due to greater production at the Chilean Quebrada Blanca mine, one of the projects Teck plans to invest in.
It reached its quarterly record of copper production in 2024’s fourth quarter, posting 122,100 tonnes. This is a 19% year-over-year increase.
Teck’s zinc in concentrate production in 2024 was 615,900 tonnes, down by 4% compared to 2023. Its refined zinc production was 256,000 tonnes, also 4% lower than the previous year.
The company projects that its 2025 research and innovation costs will decrease by 35%, while its general and administration costs will fall by 15%. It expects it will maintain higher investment interest income than previous years.
Teck will release its full financial results for 2024’s fourth quarter on 20 February.
Teck’s share price (NYSE: TECK) closed at US$43.74, up from its previous close at $43.16. Its market capitalisation is $22.8 billion.