Teck Provides Update on QB and Q4 2023 Steelmaking Coal Sales and Pricing

Article content material

VANCOUVER, British Columbia, Jan. 03, 2024 (GLOBE NEWSWIRE) — Teck Assets Restricted (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) at the moment offered unaudited 2023 manufacturing volumes for Quebrada Blanca (“QB”) operations, an replace on the QB2 mission, and unaudited fourth quarter steelmaking coal gross sales volumes and realized costs.

“We’re happy that QB is now working close to design throughput capability with sturdy recoveries, positioning Teck for considerably elevated copper manufacturing in 2024,” stated Jonathan Worth, President and CEO. “We had sturdy fourth quarter efficiency in our steelmaking coal operations, with enhancements in plant efficiency resulting in a rise in manufacturing, and gross sales volumes of 6.1 million tonnes close to the highest finish of our steering.”

Article content material

Article content material

QB Operations

2023 unaudited contained copper manufacturing volumes from QB, excluding copper cathode, totaled 56,200 tonnes, under the underside finish of our steering vary of 80,000 tonnes for 2023 on account of reliability and consistency points within the fourth quarter. Fourth quarter manufacturing was 35,000 tonnes.

Throughout the second half of 2023, every of the operations at QB, together with mine operations, crushing, grinding, flotation, tailings, desalination and focus dealing with, all operated at or above design capability. Our focus within the fourth quarter was on attaining dependable and constant operations. This took longer than anticipated to realize and, in consequence, manufacturing didn’t meet forecast. Nonetheless, by the tip of December, QB was working close to design throughput capability, and this has continued into 2024. Recoveries have usually been according to expectations and head grades stay inside anticipated ranges.

QB2 Mission

The development of the molybdenum plant was considerably accomplished in December, and commissioning has commenced. Ramp-up of the molybdenum plant is predicted to be accomplished by the tip of the second quarter of 2024. Building of the port offshore services is progressing to plan and is predicted to be accomplished by the tip of the primary quarter of 2024. The final jetty pile was accomplished in December, representing a serious milestone within the port building. Our beforehand disclosed QB2 mission capital price steering is unchanged at US$8.6-$8.8 billion.

Article content material

Article content material

Steelmaking Coal Gross sales and Pricing

Our fourth quarter steelmaking coal gross sales had been 6.1 million tonnes, close to the highest finish of our beforehand disclosed steering of 5.8 – 6.2 million tonnes. The realized steelmaking coal value within the fourth quarter averaged US$270 per tonne. We count on to report constructive steelmaking coal provisional pricing changes of $89 million within the fourth quarter.

2023 Manufacturing and 2024 Steering

Teck is anticipating to supply full 2023 manufacturing outcomes and 2024 steering in a separate information launch on January 16, 2024. Our fourth quarter and annual 2023 monetary outcomes are scheduled for launch on February 21, 2024.

Ahead-Wanting Statements

This press launch accommodates sure forward-looking statements inside the that means of america Non-public Securities Litigation Reform Act of 1995 and forward-looking info as outlined within the Securities Act (Ontario). Ahead-looking statements and data might be recognized by means of phrases equivalent to “expects”, “intends”, “is predicted”, “potential” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “could”, “might”, “ought to”, “would”, “may” or “will” be taken, happen, or be achieved. Ahead-looking statements embrace statements relating to: our expectations for and timing of the completion and commissioning of the QB2 molybdenum plant and port offshore services, QB2 capital price steering, and anticipated steelmaking coal provisional pricing changes.

Article content material

The forward-looking statements on this press launch are based mostly on assumptions that QB2 building and commissioning continues in accordance with our plans; amongst different issues. Assumptions relating to QB embrace present mission assumptions, together with estimates of future building capital at QB2 are based mostly on a CLP/USD fee vary of 800 — 850, in addition to there being no additional sudden materials and unfavourable affect to the assorted contractors, suppliers and subcontractors for the QB2 mission that might impair their potential to supply items and providers as anticipated throughout commissioning and ramp-up actions. The foregoing record of assumptions is just not exhaustive. Ahead-looking statements contain identified and unknown dangers, uncertainties, and different elements, which can trigger the precise outcomes, efficiency, or achievements to be materially totally different from any future outcomes. Components which will trigger precise outcomes to fluctuate embrace, however will not be restricted to, authorities motion, unanticipated building, commissioning or operational difficulties (together with failure of plant, tools or processes to function in accordance with specs or expectations, price escalation, unavailability of supplies and tools, industrial disturbances or different job motion, opposed climate circumstances, unanticipated occasions associated to well being, security and environmental issues). QB2 prices, commissioning and business manufacturing are additionally depending on, amongst different issues, our continued potential to advance commissioning and ramp-up as at the moment anticipated. QB2 prices can also be affected by claims and different proceedings that may be introduced towards us regarding prices and impacts of the COVID-19 pandemic; and different threat elements as detailed every so often in Teck’s reviews filed with Canadian securities directors and the U.S. Securities and Change Fee.

Article content material

Sure of those dangers are described in additional element within the annual info type of Teck and in its public filings with Canadian securities directors and the U.S. Securities and Change Fee. Teck doesn’t assume the duty to revise or replace these forward-looking statements after the date of this doc or to revise them to replicate the prevalence of future unanticipated occasions, besides as could also be required below relevant securities legal guidelines.

About Teck
As certainly one of Canada’s main mining corporations, Teck is dedicated to accountable mining and mineral improvement with main enterprise models targeted on copper, zinc, and steelmaking coal. Copper, zinc, and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Inventory Change below the symbols TECK.A and TECK.B and the New York Inventory Change below the image TECK. Study extra about Teck at www.teck.com or comply with @TeckResources.

Investor Contact:
Fraser Phillips
Senior Vice President, Investor Relations & Strategic Evaluation
604.699.4621
fraser.phillips@teck.com

Teck Media Contact
Chris Stannell
Public Relations Supervisor
604.699.4368
chris.stannell@teck.com

Article content material