TECK Updates Mine Outlook Following Comprehensive Operational Review

Core Insights - Teck Resources Limited (TECK) conducted a comprehensive review of its operating plans in Q3 2025, involving third-party technical experts and independent advisors to assess production and cost ranges [1][11] Production and Performance - The Quebrada Blanca (QB) Action Plan is part of a broader initiative to enhance operational performance, with ongoing Tailings Management Facility (TMF) development affecting production [2][3] - QB's copper production in Q3 2025 was 39,600 tons, with sales volumes at 43,900 tons, significantly impacted by TMF development and 20 days of downtime in September [5] - Highland Valley Copper (HVC) produced 28,100 tons in Q3 2025, affected by lower grades, contributing to a total copper production of approximately 104,100 tons and total sales of around 110,300 tons [6] - Red Dog's performance remained strong, producing 122,000 tons of zinc in concentrate in Q3 2025, with sales volumes of 272,800 tons, exceeding guidance [6] Production Outlook - The production outlook for QB has been revised down to 170,000 to 190,000 tons for 2025, from a previous estimate of 210,000 to 230,000 tons, with expectations of continued constraints into 2026 [7] - HVC's 2025 guidance has been reduced to 120,000 to 130,000 tons, while the 2027 outlook has been raised to 135,000 to 155,000 tons [8] - Red Dog's zinc production is projected to decline, with estimates of 375,000 to 415,000 tons in 2026, 330,000 to 370,000 tons in 2027, and 230,000 to 270,000 tons in 2028 [10] Financial Performance - TECK's shares have decreased by 12% over the past year, contrasting with the industry's growth of 17.6% [13]