Teck Resources Ltd.’s new chief aims to leverage his company’s booming coal business to get bigger in copper and become a “significant” miner of the metal behind the global energy transition. mining
Teck Resources Ltd.’s new chief aims to leverage his company’s booming coal business to get bigger in copper and become a “significant” miner of the metal behind the global energy transition.
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.
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 Blanca mine in Chile. Price said the project will ramp up production next year, doubling the company’s copper output. Teck operates or has interests in four copper mines in Canada and South America, which produced 287,000 metric tons last year.
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