Teck Resources reports 2024 copper production 446K tons, up 50%

Teck Resources (TECK) provided select unaudited fourth quarter 2024 production and sales volumes, annual production volumes for 2024, as well as operational and capital guidance for 2025 and production guidance for 2026 to 2028. The company added, in part: “Our fourth quarter 2024 financial results are scheduled for release on February 20. 2024 annual copper production of 446,000 tonnes increased by 50% compared to the prior year primarily due to the ramp-up of QB, which achieved design throughput rates by the end of the year. Record quarterly copper production of 122,100 tonnes in Q4, increased by 19% compared to the same period in 2023, with QB contributing 60,700 tonnes. Copper sales volumes from QB of 66,400 tonnes were higher than production volumes in the fourth quarter as inventory levels decreased.”Teck underwent a significant portfolio transformation in 2024, repositioning itself as a pure-play energy transition metals business focused on Copper and Zinc. …Given the completion of the sale of EVR on July 11 we have removed steelmaking coal business unit information from our 2024 production results in this guidance update…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. We have a pathway to grow copper production to approximately 800,000 tonnes per year before the end of the decade…”