Teck said copper prices rose by about 11.7% from a year earlier and averaged around $4.21 per pound.
The Quebrada Blanca (QB) mine in Chile reported record production during the quarter as operations continued to ramp up. This helped Teck achieve a jump of around 60% in copper output to 115,000 metric tons.
However, the company cut its full-year copper production forecast for the second time in a row, citing labour issues and mining delays at the Highland Valley Copper mine in Canada.
It also reduced the upper end of its 2024 annual copper production guidance for QB. Teck now expects full-year copper production of 420,000 to 455,000 tons, compared with the previous guidance of 435,000 to 500,000 tons.
Teck revamped its operations this year by selling 77% interest in the steelmaking coal unit to Swiss miner Glencore Plc. The deal, one of the largest in the industry, was completed in July.
The deal was part of Teck’s…
