Teck Lowers Annual Copper Guidance on Quebrada Blanca Constraints

Teck Resources

Teck lowers annual copper guidance after setbacks at Quebrada Blanca. The miner lowers annual copper guidance to 470,000–525,000t. As a result, Teck lowers annual copper guidance to reflect mill downtime and tailings repairs.

Guidance cut and quarterly production snapshot

Teck trims Quebrada Blanca guidance to 210,000–230,000t. The prior range was 230,000–270,000t. Repairs and tailings limits slowed the ramp-up. Meanwhile, group second-quarter copper output slipped to 109,000t. Antamina production fell about 45pc on the year. Three other copper assets increased output in the quarter. Copper sales eased 2pc to 102,000t.

Longer-term projects and financial mix

Teck extends Highland Valley Copper’s life to 2046. The approval supports long-term Canadian supply resilience. Zinc in concentrate rose 11pc to 169,000t. Refined zinc fell 22pc to 51,000t. Quarterly revenue increased 13pc to C$2bn. However, profit narrowed to C$101mn from C$385mn.

The Metalnomist Commentary

Teck’s reset looks prudent given Chilean constraints and Peru headwinds. Watch tailings upgrades and repair milestones for 2026 recovery signals.