Teck Resources (TECK.US) is expected to see a significant increase in copper production by 2025, with investments in four key projects helping to drive growth.

Canadian mining company Teck Resources (TECK.US) announced on Tuesday the unaudited production for the fourth quarter of 2024 and for the full year, as well as operational and capital expenditure guidance for 2025. The company expects to release the financial performance for the fourth quarter of 2024 on February 20, 2025. Teck Resources stated that the total copper production for 2025 is expected to be between 490,000 tonnes and 565,000 tonnes, an increase from 446,000 tonnes in 2024. This growth reflects the company's ongoing value-added copper growth strategy, aiming to achieve long-term value creation through a balance of growth investments and shareholder returns. Additionally, the company plans to invest $3.2 billion to $3.9 billion over the next four years in developing four key copper projects, including the expansion of the Quebrada Blanca (QB) project, the Zafranal project, the San Nicols project, and the life extension project for the Highland Valley Copper mine. These projects will help the company increase its annual copper production to approximately 800,000 tonnes by the end of the century. In terms of costs, Teck Resources anticipates that the net cash unit cost for the Quebrada Blanca (QB) copper mine will be between $1.80 and $2.15 per pound, a significant decrease from the 2024 guidance of $2.25 to $2.55 per pound. This improvement is primarily due to the increase in copper production, the improvement in molybdenum by-product credit, and the completion of capacity upgrades and stable operations in 2025. In 2024, Teck Resources achieved copper production of 446,000 tonnes, a 50% increase from the previous year; zinc concentrate production was 615,900 tonnes, a 4% decrease from the previous year. Refined zinc production was 256,000 tonnes, a 4% decrease from the previous year, mainly due to a partial fire at the Trail electrolytic zinc plant in September of the previous year, which affected production in the fourth quarter. Looking ahead to 2025, Teck Resources expects general and administrative costs and research and innovation costs to decrease by approximately 15% and 35% respectively compared to 2024. By optimizing cost structures and advancing key projects, the company is not only committed to increasing copper production but also plans to enhance shareholder returns through share buybacks, further solidifying its leading position in the mining sector.