Teck Outlines Detailed Strategy for Leading Copper Growth and Shareholder Returns

Core Viewpoint - Teck Resources Limited is set to present its strategy for enhancing shareholder value and plans to increase copper production to 800,000 tonnes per year by the end of the decade during its 2024 Strategy Day on November 5, 2024 [1][2] Financial Performance - Teck has reduced its debt by $2.3 billion year-to-date in 2024 and currently holds a net cash position of $1.8 billion [2] - The company has returned $5.3 billion to shareholders since 2019, including over $0.9 billion in share buybacks in 2024, with an additional $2.3 billion in authorized buybacks ongoing [2] Growth Strategy - Planned investments of $3.2 to $3.9 billion over the next four years will focus on four key near-term copper projects, expected to boost copper production to approximately 800 kilotonnes per annum [2] - Quebrada Blanca optimization (Teck 60% owner, Chile) aims for a 15-25% production increase at a capital cost of $100-200 million [2] - Highland Valley Copper Mine Life Extension (Teck 100% owner, Canada) will extend the mine's life to the mid-2040s with an estimated life-of-mine production of 137 ktpa at a capital cost of $1.3-1.4 billion [2] - Zafranal Project (Teck 80% owner, Peru) is positioned for a sanction decision in H2 2025, with expected production of 126 ktpa copper and significant gold value at a capital cost of $1.5-1.8 billion [2] - San Nicolás Project (Teck 50% owner, Mexico) is a low-cost copper-zinc project with estimated production of 63 ktpa copper and 147 ktpa zinc, with a funding requirement of $0.3-0.5 billion [2] Production Outlook - Teck's copper production is projected to increase from 297 kilotonnes in 2023 to a potential 420-455 kt in 2024 and 510-590 kt in 2025 [2]