有色金属海外季报：泰克资源2024Q4铜产量环比增长6.6%至12.21万吨，2025年铜产量指引为49-56.5万吨

Investment Rating - Industry rating: Recommended [6] Core Insights - In Q4 2024, copper production reached a record 122,100 tonnes, representing an 18% year-on-year increase and a 6.6% quarter-on-quarter increase, with QB contributing 60,700 tonnes [1] - For 2024, copper production totaled 446,000 tonnes, a 50.4% increase compared to the previous year, primarily due to QB reaching its designed capacity [3] - The company underwent a significant portfolio transformation in 2024, focusing on copper and zinc as pure energy transition metals [5] - The company plans to increase copper production to approximately 800,000 tonnes annually by 2030, with an investment of $3.2 to $3.9 billion for four key copper growth projects [8][9] Production and Sales Overview - Q4 2024 copper sales were 124,900 tonnes, a 23% year-on-year increase and a 12.52% quarter-on-quarter increase [1] - Q4 2024 zinc concentrate production was 146,400 tonnes, a 19.5% year-on-year decrease but a 3% quarter-on-quarter increase [2] - For 2024, refined zinc production was 62,100 tonnes, an 11.1% year-on-year decrease [2] 2025-2028 Production Guidance - Expected copper production for 2025 is projected to be between 490,000 and 565,000 tonnes, with QB's annual production expected to increase to between 230,000 and 270,000 tonnes [10][21] - Zinc concentrate production for 2025 is expected to be between 525,000 and 575,000 tonnes, down from 615,900 tonnes in 2024 [14][21] - The company anticipates a significant increase in Highland Valley copper mine production in 2025, estimated at 135,000 to 150,000 tonnes [12] Cost and Capital Expenditure Guidance - The net cash unit cost for copper in 2025 is expected to be between $1.65 and $1.95 per pound, a decrease from the 2024 guidance of $1.90 to $2.30 [13][22] - 2025 capital expenditures are projected to be between $1.58 billion and $1.80 billion, with sustaining capital expenditures expected to be between $750 million and $845 million [16][23]