In a call to discuss third quarter results, Teck cited current foreign exchange assumptions, as well as cost pressures relating to weather and subsurface conditions as the main reasons behind the estimate hike.
The new figure is in line with the $7.5 billion valuation given in August by Teck’s Japanese partner Sumitomo, which owns 33.33% of Quebrada Blanca.
QB2, Teck’s key growth project, has faced several delays. Initially, it was expected to begin production in 2021. The current timeline points at first copper by December-end, but the company has said the start could be delayed into January 2023 if productivity impacts persist.
The miner sees Quebrada Blanca copper production ramping up over 2023 following commissioning of QB2, with output ranging between 170,000 and 300,000 tonnes per year from 2023 to 2025.
The fresh estimate compares with a previous forecast of 245,000 to 300,000 tonnes annually. Next year production,…
