Teck Announces First Copper at QB2 Project in Northern Chile

Source Company Press Release
Company Teck Resources Limited
Tags Corporate: Guidance, Country: Chile, Upstream: Drilling Activity
Date March 31, 2023

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced its Quebrada Blanca Phase 2 Project (“QB2”) has produced its first bulk copper concentrate, as the project advances commissioning and ramps up to full production through 2023.

“First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year,” said Jonathan Price, CEO. “This achievement is made possible by the dedicated and skilled teams who have worked diligently to progress this transformative operation, which is the cornerstone of our copper growth strategy.”

At full production, QB2 will double Teck’s copper production on a consolidated basis. As one of the world’s largest undeveloped copper resources, it has an initial mine life of 27 years using only approximately 18% of the 2022 reserves and resource tonnage with significant potential for future growth. The operation is targeted to achieve 285,000 – 315,000 tonnes of annual copper production in 2024 - 2026. Teck’s 2023 copper production guidance is unchanged.

QB2 incorporates leading sustainability practices, including the first large-scale use of desalinated seawater for mining in Chile's Tarapacá Region, and an agreement is in place to source 100% renewable power from AES Andes for the operation beginning in 2025. Teck has also been engaging with local communities in the QB2 project area since 2012 including working collaboratively to create tangible benefits in the region, which will continue throughout the life of the operation.

Teck owns an indirect 60% interest in Compañía Minera Teck Quebrada Blanca SA ("QBSA"), the owner of QB2. Sumitomo Metal Mining Co., Ltd. together with Sumitomo Corporation have a collective indirect 30% interest in QBSA. ENAMI has a 10% non-funding interest in QBSA.

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