Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK), Canada’s largest diversified miner, has deferred major expansion projects while it works to fix output problems at its flagship Quebrada Blanca (QB) copper mine in Chile.
A major overhaul of the mine high in the Andes came in $4 billion over budget and years behind schedule. In July, chief executive officer Jonathan Price was forced to cut production guidance. The main issue now is tailings storage.
The decision is part of a comprehensive operational review that was launched in August and is set to conclude in October, with a focus on improving performance. This review includes a detailed action plan for QB.
The Vancouver-based miner said the bulk of the work will focus on its tailings facility, where slow sand drainage has delayed development and constrained production since the mine’s recent expansion. Teck plans to raise the dam wall…
