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Teck Resources reduces copper production guidance for flagship Chilean mine QB

Teck Resources Limited, a Canadian mining company, cut its copper production forecast for its flagship Quebrada blanca (QB), in Chile until 2028. This was after a review of the entire operations and merger with Anglo American.

Teck's shares rose by 2% on the Toronto Stock Exchange Wednesday morning.

The copper production guidance for 2026 is now between 200,000 and 235,000 metric tonnes, down from the previous range of 280,000 to 3110,000 tons. Teck has also reduced its molybdenum guidance from 6,400 to 7600 tons to 2,800-3,400 tons. Teck has revised its copper production guidance for 2025 to 170,000 to 195,000 tons, down from 210,000-230,000 tons.

The copper production forecast for 2027 is 240,000-275,000 tons, and 2020,000-255,000 tons for 2028. This is down from the previous estimates of 280,000-310,000 tons and 270,000-300,000 tons, respectively.

The company's share price suffered after missing its production targets due to an issue with tailings.

Teck announced in September that it had reached an agreement to merge with London listed Anglo American for $53 billion.

Anglo stated on Wednesday that, while the result of Teck's investigation was not known when it was conducted, the findings were in line with the independent due diligence and analyses performed by Anglo.

Jefferies stated in an analyst note that the updated production and cost guidance would make the Anglo-Teck merger more attractive to Teck shareholders, and increase the likelihood that this merger will be completed without Anglo bumping. (Reporting and editing by Clara Denina, Divyarajagopal and Joe Bavier).

(source: Reuters)