With the sale of its coal business now firmly in the rear-view mirror, Canadian miner Teck Resources Ltd. marked its transition to a pure-play metals company by achieving record copper production in its second quarter.
The Vancouver-based mining company said Wednesday it produced its best-ever copper output at 110,400 tonnes in the three months ending June 30, up 71 per cent from the same period last year.
"This is an exciting new era. Teck is now focused entirely on providing metals that are essential to global development and the energy transition," said CEO Jonathan Price on a conference call with analysts to discuss the company's quarterly financial results. The transaction not only allowed Teck to exit the coal game entirely, but saw it receive cash proceeds of US$7.3 billion. The company plans to use the cash to reduce debt, fund its near-term copper growth, and reward shareholders in the form of buybacks and dividends.
The company now expects to produce a total of 435,000 to 500,000 tonnes of copper from all of its properties in 2024, down from the 465 to 540,000 tonnes it originally forecast.
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