Teck greenlights Highland Valley copper mine expansion, extends life to 2046

Teck Resources (TSX: TECK.A; NYSE: TECK) has approved the construction of the Highland Valley copper mine life extension (HVC MLE) project, advancing a multi-billion-dollar investment that will keep Canada’s largest copper mine operating through 2046.

“This project is at the heart of our strategy to double copper output by the end of the decade,” said Jonathan Price, Teck’s President and CEO. “With copper demand surging as the world decarbonizes, this expansion secures long-term access to a critical mineral, strengthens Canada’s role in the global supply chain, and supports thousands of jobs and local economies for years to come.”

Construction is set to ramp up in August 2025, following the issuance of all major permits and an environmental certificate in June. Teck’s board approved the project after a detailed review under its Capital Allocation Framework, confirming the mine life extension is both economically robust and execution-ready.

Phased mining approach

The expansion will unfold in three distinct phases:

1. 2025–2027: Continue mining in the Valley and Lornex pits
2. 2028–2033: Transition to Bethlehem and Highmont satellite orebodies while completing a major pushback of the Valley pit
3. 2034–2046: Shift to high-grade Valley pit ore as the primary source

Ore production will remain steady at roughly 50 million tonnes annually, though total material moved will vary. Peak mining activity is expected from 2028 to 2033, averaging 200 million tonnes annually before tapering to 100 million tonnes from 2039 onward.

Grade and production variability

Copper grades will fluctuate based on ore source. Higher grades are expected early on from the Lornex pit, followed by a dip during satellite mining and pushback phases, before recovering as high-grade Valley pit ore becomes dominant post-2034. Mill throughput is expected to remain consistent, with production volumes reflecting ore grade.

Construction scope

The capital program includes:

• Site infrastructure upgrades
• Expansion of the mine fleet
• Grinding circuit enhancements
• Increased tailings capacity
• Power and water system improvements

Teck refined its cost estimate using updated inputs for inflation, tariffs, and contractor needs. Early contractor engagement helped develop a high-definition cost baseline, and procurement of mobile equipment has already begun.

Strong local and Indigenous partnerships

Teck emphasized its continued collaboration with Indigenous governments, including the Citxw Nlaka’pamux Assembly (CNA) and the Nlaka’pamux Nation Tribal Council.

“This project moves forward because our communities were decision-makers—not bystanders,” said Chief Christine Walkem, Chair of the CNA and Chief of the Cook’s Ferry Indian Band. “Our laws, our governance, and our people are embedded in this project’s foundation.”

Chief Matt Pasco of the Nlaka’pamux Nation Tribal Council added: “This expansion reflects a principled partnership that honors our jurisdiction while promoting economic resilience.”

What’s next?

Teck plans to release updated capital expenditure guidance for 2026 and production guidance for 2029 in January 2026. Near-term updates reflecting the project’s sanctioning are included in the company’s Q2 2025 financials.

Learn more at www.Teck.com.