Demand for copper, which is used in wiring and electric-vehicle batteries, is accelerating as part of a worldwide move away from fossil fuels. The threat of severe supply shortages in the coming decade is prompting miners worldwide to scour the world for new deposits and accelerate existing mining projects.
Teck’s copper drive is part of a longstanding push to reposition the company, whose business of producing steelmaking coal has been the biggest revenue contributor for more than a decade. Copper represents less than a fifth of sales so far this year, while metallurgical coal accounts for more than half of revenue.
“We like those cash flows very much,” Price, 46, said. “The intent is to invest those cash flows into further growth in copper.”
The Vancouver-based company has copper projects that could be developed in Chile, Peru, Mexico, Canada and the US, though the key push is finishing the second phase of its Quebrada…
