Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Teck Resources (TSX: TECK.A and TECK.B, NYSE: TECK) says its newly expanded Quebrada Blanco operation and its Carmen de Andacollo operation in Chile have achieved the Copper Mark verification. Copper Mark is awarded to mines that have been independently assessed as meeting 32 responsible production criteria including greenhouse gas emissions, community health and safety, respect for Indigenous rights, and business integrity.
“We are pleased to welcome Quebrada Blanca and Carmen de Andacollo among the growing number of sites that have received the Copper Mark,” said Michèle Brülhart, executive director of the Copper Mark. “Teck’s operations are a great example of our multi-metal approach, having achieved the Copper Mark, the Zinc Mark, and the Molybdenum Mark.
“We are grateful for Teck’s commitment to the Copper Mark assurance framework and look forward to continuing our partnership on the responsible production of key metals supporting the clean energy transition,” he added.
In 2022, Teck’s Highland Valley copper project in British Columbia was the first mine in Canada to achieve Copper Mark verification. Last year, Teck’s Trail operations was the world’s first smelting and refining facility to achieve the Zinc Mark verification.
The newly expanded Quebrada Blanca Phase 2 project is ramping up to full production by the end of this year. With guidance of 285,000 to 315,000 tonnes of copper annually, the larger operation will double Teck’s copper production. Teck owns 60%, Sumitomo Metal Mining holds 30%, and state-owned ENAMI has a 10% non-funding interest.
Teck owns 90% of Carmen de Andacollo and Empresa Nacional de Mineria holds the remaining 10%. The mine is currently producing copper concentrates from the hypogene portion of the orebody. Concentrate production from the supergene portion is to begin shortly.
