Teck Resources Sees Copper Production Grow 50% In 2024, Provides 2025 Guidance
Teck Resources (TSX: TECK.B) this morning released its fourth quarter 2024 production results, along with operational and capital guidance for 2025. Production guidance was also provided for 2026 through to 2028.
Production in the fourth quarter totaled 122,100 tonnes of copper, along with 146,400 tonnes of zinc and 62,100 tonnes of refined zinc. Copper production hit a quarterly record, improving 19% on a year over year basis. Sales during the same quarter meanwhile totaled 124,900 tonnes of copper, 204,000 tonnes of zinc and 61,100 tonnes of refined zinc.
For the full year, copper production totaled 446,000 tonnes, versus prior guidance of 420,000 to 455,000 tonnes. Annual copper production notably improved by 50% compared to 2023, with the growth attributed to the ramp up of production at Quebrada Blanca.
Zinc in concentrate saw production decline 4% on a year over year basis however, with production falling to 615,900 tonnes for the year, however this still met guidance of 565,000 to 630,000 tonnes. The decline was attributed to lower levels of zinc production at Antamina.
Refined zinc meanwhile saw production beat guidance, with Teck producing 256,000 tonnes of refined zinc, versus guidance of 240,000 to 250,000 tonnes. Production here was also 4% lower than the prior year, which was a result of a fire experienced in September at the Trail operations.
Looking to 2025, Teck has guided to copper production of 490,000 to 565,000 tonnes, zinc production of 525,000 to 575,000 tonnes, and refined zinc production of 190,000 to 230,000 tonnes. Total cash unit costs for copper are anticipated to be between $2.05 to $2.35 a pound, while total cash unit costs for zinc are slated to be between $0.65 to $0.75 a pound.
The company also expects to produce 85,000 to 105,000 tonnes of lead, and 5,100 to 7,400 tonnes of molybdenum in 2025.
In terms of capital expenditures, sustaining capital is expected to amount to $750 to $845 million for 2025, while growth capital expenditures are slated to come in between $875 and $980 million. Total expenditures, net of partner contributions for 2025, are slated to range from $1,580 million to $1,795 million.
Full financial results for 2024 are slated to be released on February 20, 2025.
Teck Resources Class B shares last traded at $63.67 on the TSX.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
