Copper miner Teck delays major project approvals during operations review

Teck Resources, a Canadian mining company, announced on Wednesday it had undertaken an operations review of the entire company and would delay approval of major growth projects until its Quebrada blanca (QB), copper mine in Chile reaches steady operation and targets output.

In a separate statement, the company said that Daniel Malchuk was appointed as a special adviser to Jonathan Price. He will assist QB in managing its tailings and driving operational performance.

Toronto Stock Exchange shares of the company rose by 3.7%. Teck stated that the review process was started in August, to improve the performance of the entire company. It is expected to be completed by October and an updated forecast will be provided by the third quarter results. Teck said in a separate email that it will continue the Highland Valley Mine Extension Project in Canada and construction is progressing as announced.

Teck's flagship QB mine has seen its shares fall after the company missed its production targets due to a tailings problem. RBC Capital Markets stated in an analyst report that the tailings problem could continue into 2026, causing production to be affected. RBC Capital Markets analysts said: "We expect negative reactions to Teck’s operations review and changes in management, even though these changes may ultimately result in better operational performance. They create uncertainty up until the October guidance updates".

Teck indirectly owns 60% of the QB mine in Chile's Tarapaca Region. Teck's review comes just one year after it sold its steel-making business to Swiss miner Glencore after rejecting the offer to sell the entire operation. (Reporting from Bengaluru by Sumit S. Saha; Editing by Vijay Kishore.)

(source: Reuters)