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Teck Resources (New York Stock Exchange:TECK) reported Monday that it produced 270,500 metric tons of copper in fiscal 2022, below company guidance of 273,000-290,000 tons, including 65,400 tons in the fourth quarter, primarily due to a temporary pit closure in the Highland Valley copper mine in Canada as a result of a localized geotechnical event in December that has stabilized.
Zinc production in fiscal 2022 totaled 650,500 tons, in line with guidance of 630,000-665,000 tons, and steelmaking coal production of 21.5 million tons narrowly missed the target of 22-22.5 million tons. tons.
For fiscal year 2023, Teck (TECK) forecasts production of 390K-445K tons of copper, 645K-685K tons of zinc and 24M-26M tons of steelmaking coal.
Teck (TECK) said it expects the QB2 project to substantially increase total copper production compared to 2022 as the project reaches full capacity before the end of 2023, partially offset by lower expected production in Highland Valley due to a harder ore and less copper. laws as part of a mine plan update.
The miner said total planned capital spending for fiscal 2023 should decrease to $2.47 billion to $2.84 billion from $3.215 billion to $3.285 billion in 2022, mainly driven by lower spending. in QB2 development capital to $1.2 billion to $1.75 billion in 2023 from $2.9 billion to $3 billion in 2022.
Teck Resources (TECK) will return 30% of its free cash flow to investors in 2023, Oliveria’s Michael Wiggins writes in an analysis recently published in Seeking Alpha.
