Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) has produced the first bulk copper concentrate at its Quebrada Blanca Phase 2 (QB2) project in Chile as the project advances to full production later this year.
A critical growth project for Teck, QB2 was initially expected to begin production in 2021 but has faced several construction delays due to Covid-19 disruptions.
“First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year,” CEO Jonathan Price said in a statement Friday afternoon.
The project’s majority owner said that at full production, QB2 will double Teck’s copper output. The operation is targeted to achieve 285,000-315,000 tonnes of yearly copper production in 2024-2026. Teck said its 2023 copper production guidance remains unchanged at 390,000-445,000 tonnes of red metal.
As one of the world’s largest undeveloped copper resources, QB2 has an initial mine life of 27 years using only about 18% of reserves and resources. Teck says the deposit has potential to grow even more.
Congratulations are in order for this accomplishment. Well done, given the troubled times that you worked through to get here.