Teck Resources Limited and its subsidiaries (Teck) engage in exploring for, acquiring, developing, producing, and selling natural resources.
The company’s principal products are copper and zinc. In addition, it produces lead concentrates, refined lead, silver, gold, molybdenum, and various specialty and other metals, chemicals and fertilizers. The company also explores for copper, zinc and nickel on a targeted and opportunistic basis.
In January 2024, the company closed the sale of a minority...
Teck Resources Limited and its subsidiaries (Teck) engage in exploring for, acquiring, developing, producing, and selling natural resources.
The company’s principal products are copper and zinc. In addition, it produces lead concentrates, refined lead, silver, gold, molybdenum, and various specialty and other metals, chemicals and fertilizers. The company also explores for copper, zinc and nickel on a targeted and opportunistic basis.
In January 2024, the company closed the sale of a minority interest in its steelmaking coal business to Nippon Steel Corporation and POSCO. In July 2024, the company closed the sale of the remaining 77% interest in its steelmaking coal business to Glencore Plc.
In August 2024, the company announced a new business structure to support its shift to a pure-play energy transition metals company focused on growth. The new business structure organizes Teck around two regional business units, North America, which includes Highland Valley Copper, Red Dog and Trail operations, and the Galore Creek, Schaft Creek, and NewRange copper growth projects, and Latin America, which includes Carmen de Andacollo and Quebrada Blanca operations, Teck’s interest in Antamina, and the Zafranal, San Nicolas, and NuevaUnión copper growth projects.
Segments
The company operates in two reportable segments: Copper and Zinc.
The company operates in two reportable segments: Copper and Zinc
Principal Products
Copper
The company’s principal market for copper concentrates is Asia and Europe. Copper concentrates produced at the company’s Highland Valley Copper Operations are railed to a port in Vancouver, British Columbia, and from there transported by ship to customers in Europe and Asia. Copper concentrates produced at Antamina are transported by a slurry pipeline to a port at Huarmey, Peru, and from there by ship to customers in Asia and Europe. Copper concentrates produced at Carmen de Andacollo are trucked to the port of Coquimbo, Chile, and from there are transported by ship to customers in Asia and Europe and by truck to customers in Chile. Copper concentrates from the company’s Quebrada Blanca mine are processed in Northern Chile and shipped by slurry pipeline to the company’s own port facilities (Port Patche) south of the city of Iquique, then shipped to customers in Asia and Europe. Domestic sales to Chilean customers are transported by truck.
Copper concentrates are sold primarily under long-term contracts, with treatment and refining charges negotiated on an annual basis. The balance is sold in the spot market at prices based on prevailing market quotations. All of Teck's revenues from sales of copper concentrates were derived from sales to third parties.
The copper business is cyclical. Copper concentrate treatment charges rise and fall depending upon the supply of copper concentrates and the demand for copper concentrates by the copper smelting and refining industry. Copper consumption is primarily tied to its electrical conductivity properties, accounting for over 60% of global demand. Demand for copper in a variety of forms, shapes and alloys is split globally, with about one-quarter each going to electrical networks, construction industries and consumer goods, with the remainder split between auto, transportation sectors and industrial machinery. The company compete with other producers of copper concentrates as well as copper sourced through scrap sources.
In 2024, global copper mine production increased by 1.2% according to Wood Mackenzie, a commodity research consultancy, with total production estimated at 22.6 million tonnes. Chinese imports of copper concentrates increased 2.1% in 2024 to reach over 7.0 million tonnes of contained copper. Scrap imports into China rose 13.8% on the year as smelters looked to offset higher priced concentrates and cathodes. Imports of blister were down 14.2% as smelters outside of China continued to struggle with raw material feed sourcing themselves and were not able to produce at normal levels. Copper cathode imports increased significantly in December after falling in 2023. Cathode imports rose by 3.27% to 3.3 million tonnes in 2024. Net contained copper unit imports to China in 2024 were up 2.0% from 2023 levels to13.2 million tonnes, while reported cathode stocks in China rose only 0.057 million tonnes. With refined cathode production increasing by 4.1% to 11.9 million tonnes, this suggests that apparent consumption grew in China by 3.8% in 2024.
Wood Mackenzie estimates that global refined copper production grew 3.6% in 2024, above the 3.2% increase in global copper cathode demand, putting the 2024 cathode market in a small metal surplus. Wood Mackenzie is projecting that refined production will increase 2.8% in 2025, reaching 27.5 million tonnes, with demand increasing 4.0% to 27.8 million tonnes, putting the cathode market in deficit of about 0.3 million tonnes. Mine disruptions in 2024 were lower than in previous years, but still failed to hit global production guidance. With the increase in global smelter capacity continuing to run at higher levels than mine production growth, the company expect the concentrate market to remain tight into 2025 and smelter capacity utilization rates to fall again in 2025. Cathode demand continues to increase with electrification, governments continue to spend on repairing and replacing aging infrastructure and global urbanization and industrialization continue to increase. Despite a pause in European and North American EV sales in 2024, global EV and plug in hybrid sales globally increased 25% to over 17 million vehicles.
Zinc
The company produce refined zinc through the company’s metallurgical operations at Trail and zinc concentrates through the company’s mining operations at Red Dog and Antamina. The company’s principal markets for refined zinc are North America and Asia. Refined zinc produced at the company’s metallurgical operations at Trail, British Columbia, is distributed to customers in North America by rail and/or truck and to customers in Asia by ship.
The company produce zinc concentrates at the company’s Red Dog mine in the United States and the Antamina mine in Peru, in which the company indirectly own 22.5%. Zinc concentrates are sold primarily under long term contracts with treatment charges negotiated on annual basis. The balance is sold on the spot market at prices based on prevailing market quotations. The company’s principal markets for zinc concentrates are Asia, Australia, Europe and North America. Zinc concentrates from the company’s Red Dog mine in Alaska are transported by truck from the mine to the company’s port where they are stored until the summer shipping season, then loaded onto ships for distribution to customers in the company’s principal markets. Zinc concentrates produced at Antamina are transported by a slurry pipeline to a port at Huarmey, Peru, and from there by ship to customers in Asia, Australia and Europe.
In 2024, the majority of the zinc concentrate produced at Red Dog was shipped to customers in Asia, Australia and Europe, with the balance being shipped to the company’s metallurgical facilities at Trail, British Columbia. Red Dog's lead concentrate production is also shipped to Trail and to customers in Asia, Australia and Europe. The shipping season at Red Dog is restricted to approximately 100 days per year, between early July and the end of October, because of sea ice conditions. Red Dog’s sales are seasonal, with the majority of sales occurring in the last five months of each year.
The zinc business is cyclical. Treatment charges rise and fall depending upon the supply and demand for zinc concentrates by the zinc smelting and refining industry. Galvanized steel makes up close to 60% of global zinc demand, with almost half of galvanized steel demand going into construction and about 20% each going into the transportation and infrastructure sectors. Zinc’s galvanizing properties provide protection to steel to reduce corrosion reducing the need for replacement. This extends the service life of steel components and infrastructure and is well suited for increasingly hot and wet climates. Zinc prices and premiums are highly dependent on demand for steel products. The company compete with other producers of both zinc concentrates and refined zinc metal globally.
In 2023, global zinc mine production was impacted by low zinc prices, labour action, floods and fires. Several zinc mine operations were closed or put on care and maintenance during the year and have not returned to production in 2024. In 2024, global zinc mine production decreased for the third year in a row by 1.8% according to Wood Mackenzie, with total mine production falling to 12.1 million tonnes. This was significantly below Wood Mackenzie’s forecast a year ago for 2024 of 12.8 million tonnes which already included a projected 5.7% disruption to corporately guided mine production. Wood Mackenzie expects global zinc mine production to grow 5.8% in 2025 to reach 12.8 million tonnes after a 5.7% production adjustment for potential disruptions. This new forecast for 2025 is 1.0 million tonnes lower than its forecast a year ago for 2025.
Wood Mackenzie estimates the global zinc metal market was in deficit in 2024 due to the mine production cuts. Zinc treatment charges reached historic lows in 2024. Wood Mackenzie estimates that despite a 5.8% increase in mine production in 2025 that smelter capacity growth of 7.9% will continue to outpace mine production leading to a continued deficit in concentrates that will reduce global smelter production. They estimate that smelter production will only grow at best 5.9% to reach 13.8 million tonnes in 2025. Wood Mackenzie is projecting zinc demand to grow 2.5% in 2025 to reach 13.9 million tonnes, exceeding projected supply and keeping the metal market globally in deficit for the second year in a row. The change in administration in the United States and proposed tariffs on products from Mexico and Canada could result in a change to trade flows and negatively impact logistics costs.
All of the company’s 2024 revenues from sales of refined zinc and zinc concentrates, other than zinc concentrates produced at Red Dog that are sold to Trail, were derived from sales to third parties. The company strive to differentiate the company’s refined metal products by producing alloys, sizes, shapes and emissions intensities best suited to customer requirements.
Trail’s supply of zinc and lead concentrates, other than those sourced from Red Dog, is provided primarily through long-term contracts with mine producers in North America, South America and Australia.
Operations and Projects by Region
Canada
Operations
Highland Valley Copper Mine, British Columbia (Copper)
The company holds a 100% interest in the Highland Valley Copper mine located near Kamloops, British Columbia through the company's wholly owned subsidiary Teck Highland Valley Copper Partnership.
Highland Valley's primary product is copper concentrate; it also produces a molybdenum concentrate. The property comprising the Highland Valley Copper mine covers a surface area of approximately 50,000 hectares and is held pursuant to various mineral leases, mineral claims and Crown grants. Mineral claims are renewed annually or as required based on the amount of exploration-related expenses applied on a given claim, which can extend the claim renewal requirements by several years at a time. Mineral leases are typically held for 20- or 30-year terms and are renewed accordingly. In the past, renewals of these licenses and leases have generally been granted, although there can be no assurance that this will continue in the future. Crown grants are held indefinitely and are subject to annual taxes.
The Highland Valley Copper mine is located adjacent to Highway 97C connecting Merritt, Logan Lake and Ashcroft, British Columbia. Access to the mine is from a 1-kilometre access road from Highway 97C. The mine is approximately 50 kilometers southwest of Kamloops, and approximately 200 kilometers northeast of Vancouver. The mine operates throughout the year. Power is supplied by BC Hydro through a 138-kilovolt line that terminates at the Nicola substation east of Merritt. Mine personnel live in nearby areas, primarily Logan Lake, Kamloops, Ashcroft, Cache Creek and Merritt.
The mine is an open pit operation. The processing plant, which uses autogenous and semi-autogenous grinding and flotation to produce metal in concentrate from the ore, has the capacity to process up to 160,000 tons of ore per day, depending on ore hardness. Autonomous haulage trucks are successfully operating in the Lornex pit, with 32 autonomous haulage trucks in operation.
In addition to a BC Hydro power contract, other major contracts include the collective agreement with United Steelworkers Local 7619, in effect to September 2026. Water from mill operations is collected and contained in a tailings impoundment area, from where it is reclaimed and used as mill process water. The operation is subject to water and air permits issued by the province of British Columbia and is in material compliance with those permits. The operation holds all of the permits that are material to its operations.
Concentrates from the operation are transported first by truck to Ashcroft and then by rail to a port in Vancouver for export overseas, with the majority being sold under long-term sales contracts to smelters in Asia.
Ore is mined from the Valley, Lornex and Highmont pits. The pits are in the Guichon batholith, which hosts all of the orebodies located in the area. The host rocks of the Valley deposit are mainly porphyritic granodiorites of the Bethsaida phase of the batholith with minor inter-mineral dykes. These rocks are medium-to-coarse-grained with large phenocrysts of quartz and biotite. The rocks of the deposit were subjected to hydrothermal alteration, extensive quartz veining, quartz-muscovite veining, and a late sericite and argillic overprint. Bornite, chalcopyrite and molybdenum were introduced with the quartz and quartz-muscovite veins, and with the late sericite alteration. Minor pyrite, sphalerite, and galena are associated with the mineralization.
The Lornex orebody occurs primarily in the medium-grained quartz-diorite Skeena phase of the batholith with a small portion of the Bethsaida phase. These phases have been intruded by younger inter-mineral quartz porphyry and aplite dykes. The rocks of the deposit have been subjected to similar hydrothermal alteration as the Valley deposit with quartz veining, quartz-muscovite veining being overprinted by extensive sericite and argillic alteration. Bornite, chalcopyrite and molybdenite are the main economic minerals contained within the veins, associated with the late sericite alteration. Minor pyrite, sphalerite, and galena are also associated with the mineralization.
The Highmont deposit is entirely hosted within the Skeena granodiorite and the Gnawed Mountain Composite Dyke (GMCD) which is a multiphase intrusion and hydrothermal breccia body. The Bethsaida phase of the batholith occurs 750 metres southwest of the deposit. Historical intercepts of Bethsaida logged within the deposit are interpreted to be phases of the GMCD. The lithology of dykes in Highmont is less constrained than the Valley-Lornex deposit. Copper mineralization occurs dominantly as chalcopyrite or bornite within quartz and quartz-muscovite veins, and to a lesser degree as breccia infill. The generalized sulphide distribution indicates a roughly concentric distribution of bornite-chalcopyrite and pyrite centered in the east of the deposit and extending northwest along the contacts of the GMCD.
In 2024, six drillholes (1,436 metres) were completed in the Valley pit and four drillholes (1,209 metres) was completed in and around the Lornex pit to further refine geological and resource models. The Valley and Lornex resource models were updated in 2024 with information from six and two new drillholes, respectively, but did not result in any material changes to the geological model or mine plan. An additional eight holes were drilled in Valley pit and four holes were drilled in the Lornex pit to support geotechnical investigations. Drilling programs are planned for future years to continue to improve its understanding of the orebody and support potential mine life extensions.
The current mine life extends to 2028; however, the potential mine life extension project, Highland Valley Copper Mine Life Extension (formerly named HVC 2040), would extend mine life beyond 2040. Advanced engineering studies are ongoing, with the permitting process underway and regulatory approval expected in 2025.
Refining and Smelting
Trail Operations, British Columbia
Teck Metals owns and operates the integrated smelting and refining complex at Trail, British Columbia. The complex's major products are refined zinc, lead and silver. It also produces a variety of precious and specialty metals, chemicals and fertilizer products.
The zinc refinery consists of six major metallurgical plants, one fertilizer plant, and additional precious and specialty metal plants. Depending on the mix and quality of feeds, the facility has an annual capacity of approximately 300,000 tonnes of refined zinc. Zinc concentrates are initially treated in either roasters or pressure leach plants, where sulphur is separated from the metal-bearing solids. The zinc is put into solution where it is first purified to remove other metal impurities and then electroplated onto cathodes in an electrolytic refining plant. The zinc cathodes are melted and then the zinc is cast into various shapes, grades and alloys to meet customer requirements. Other valuable metals, including indium and germanium, are also recovered as co-products in the zinc circuit.
The lead smelting operation consists of two major metallurgical plants and one precious metal plant. Lead concentrates, recycled lead acid batteries, residues from the zinc circuits, and various other lead- and silver-bearing materials are treated in the KIVCET flash furnace to produce lead bullion. The bullion is electro-refined in the refinery to produce high-purity lead. The valuable silver and gold are also recovered in this circuit after further processing. Major maintenance requiring shutdown of the lead circuit, including the KIVCET furnace is scheduled to occur approximately every four years. The most recent scheduled shutdown in 2022 identified additional work requiring a KIVCET boiler replacement, which was completed in 2024.
The company’s recycling process treated 25,800 tons of material during the year, and it plans to treat about 27,200 tons in 2025. The company’s focus remains on treating lead acid batteries and cathode ray tube glass, plus small quantities of zinc alkaline batteries and other post-consumer waste.
In 2018, the company sold its two-thirds interest in the Waneta Dam to BC Hydro. In connection with the sale, it entered a 20-year arrangement with BC Hydro, with an option to extend for an additional 10 years, to produce power for the company’s Trail Operations. The company’s arrangement with BC Hydro retains its prior obligation to provide for the firm delivery of energy and capacity from Waneta to BC Hydro until 2036. The company also owns the related 15-kilometre transmission and distribution system from Waneta to the United States, which BC Hydro has agreed to purchase on a deferred schedule.
Growth Projects
Highland Valley Copper, British Columbia (Copper-Molybdenum)
The company’s Highland Valley Copper Mine Life Extension project explores the potential to extend the life of the Highland Valley Copper operations beyond 2040 through open pit pushbacks of its Valley, Highmont and Bethlehem pits. HVC Mine Life Extension also contemplates modest concentrator upgrades which are expected to increase overall throughput by up to 10%. Detailed engineering studies are ongoing, with an environmental assessment application under the Environmental Assessment Act (British Columbia) submitted in October 2023. An Indigenous government organization triggered an environmental assessment dispute resolution process in December 2024; however, the project is still progressing towards a potential sanction decision in the second quarter of 2025. Planned work for 2025 includes detailed engineering and design work, construction planning and permitting activities.
Galore Creek, British Columbia (Copper-Gold-Silver)
The Galore Creek property, located in Tahltan territory in northwestern British Columbia, approximately 150 kilometers northwest of the port of Stewart and 370 kilometers northwest of Smithers, is a significant copper-gold-silver porphyry deposit. The project is owned by the Galore Creek Partnership, a 50:50 partnership between Teck and Newmont Corporation, and is managed by Galore Creek Mining Corporation (GCMC), a wholly owned subsidiary of the Galore Creek Partnership.
Throughout 2024, GCMC continued to undertake fieldwork to collect technical data in the support of ongoing studies, inclusive of sonic drilling, diamond drilling, test-pitting, and ground geophysics, as well as continued collection of environmental data in the support of future regulatory and permitting requirements. GCMC also continued to advance the study design work. The company continues to work closely with the Tahltan Central Government to incorporate Tahltan knowledge and experience into the project design.
Schaft Creek, British Columbia (Copper-Molybdenum-Gold-Silver)
The Schaft Creek property, located in Tahltan territory in northwestern British Columbia, approximately 61 kilometers south of Telegraph Creek and 37 kilometers northeast of the Galore Creek property, is a joint venture between Teck and Copper Fox Metals Inc., with Teck holding a 75% interest and acting as the operator.
In 2024, the company continued progressing environmental and social baseline field studies and focused on design and engineering data collection fieldwork, including geotechnical drilling in the proposed pit to inform updated mine planning work, facilitate siting studies and inform additional capital and operating cost estimates. Planned work for 2025 includes continuing to advance technical data for engineering studies, with a field program focused on continuing baseline data collection and drilling at proposed infrastructure sites.
The United States
Operations
Red Dog Mine (Zinc, Lead)
The Red Dog zinc-lead mine, concentrator and shipping facility in the Northwest Arctic Borough. The Red Dog mine is 100% owned and operated by Teck Alaska Incorporated (Teck Alaska), a wholly owned subsidiary of Teck, on lands owned by, and leased from, the NANA Regional Corporation (NANA), a Regional Alaska Native corporation.
Red Dog mine is located on a ridge between the middle and south forks of Red Dog Creek, in the DeLong Mountains of the Western Brooks Range. The mine covers approximately 1,000 hectares. The topography is moderately sloping, with elevations ranging from 260 metres to 1,200 metres above sea level. Vegetation is classified as woody tundra. The mine is accessible from a paved airstrip, 5 kilometres from the Red Dog mine, which allows jet access from Anchorage and Kotzebue. Mine personnel are generally drawn from surrounding communities, as well as from other locations within the State and in North America. Power for the mine is produced on-site by diesel generators with a maximum capacity of 30 megawatts, sufficient for present and expected future power requirements. Potable water is sourced from Bons Creek.
Red Dog is consisted of a number of sedimentary hosted exhalative lead-zinc sulphide deposits hosted in Mississippian-age to Pennsylvanian-age sedimentary rocks. The orebodies are lens shaped and occur within structurally controlled (thrust faults) plates, are relatively flat-lying and are hosted by marine clastic rocks (shales, siltstones, turbidites) and lesser chert and carbonate rocks. Barite rock is common in and above the sulphide units. Silicification is the dominant alteration type.
The sulphide mineralization consists of semi-massive to massive sphalerite, pyrite, marcasite and galena. Common textures within the sulphide zone include massive, fragmental, veined, and rarely, sedimentary layering.
In 2024, 15 drillholes was completed for resource definition and mine structural information, totaling 2,041 metres in and adjacent to the existing Aqqaluk pit. District exploration programs focused on the Aktigiruq orebody with 19 holes drilled totaling 11,869 metres in 2024.
In 2024, the majority of the zinc concentrate produced at Red Dog was shipped to customers in Asia, Australia and Europe, with the balance being shipped to its metallurgical facilities at Trail, British Columbia. The lead concentrate production is also shipped to Trail and to customers in Asia.
The current mine life, based on existing developed deposits, is expected to extend through to 2031; however, studies to utilize portions of Red Dog infrastructure, for example the concentrator, are underway as part of the Aktigiruq-Annaaraq Exploration Project.
Growth Projects
NewRange Copper Nickel LLC, Minnesota (Copper-Nickel-Platinum Group Metals)
Teck and PolyMet Mining Corp. (PolyMet) are 50/50 joint venture partners in the NewRange Copper Nickel LLC. NewRange holds both the NorthMet and Mesaba copper, nickel, cobalt, and platinum group metal deposits, located in northeastern Minnesota.
The NorthMet project is advancing studies to assess whether new mining technology and sustainability developments can further enhance environmental safeguards. Planned work activities in 2025 will be advancing engineering studies to update project economics and working to secure updated development permits, including a Section 404 Clean Water Act Permit, which was previously revoked by the U.S. Army Corps of Engineers in 2023. In 2024, the Minnesota Department of Natural Resources delayed resolution of the contested case for the reissuance of the Northmet permit to mine on the grounds that certain studies being undertaken by NewRange may result in changes to mine design elements which may change the issues contested. NorthMet continues to work collaboratively with local tribal groups, community stakeholders, state and federal permitting agencies, regulators and critical mineral policymakers to successfully obtain permits.
The Mesaba deposit work program focused on environmental management and monitoring, continuing environmental baseline work, and advancing necessary environmental and ecosystem mapping in the support of permitting activities. Technical studies continue in the support of preliminary stage project engineering and design work for the Mesaba deposit. Planned work for the Mesaba deposit in 2025 includes baseline social and environmental studies and select technical studies, with input from communities of interest, local and regional tribal groups, and regulators.
Aktigiruq-Annaaraq Exploration Project (AAEP), Alaska (Zinc-Lead)
Teck’s principal zinc growth project is located in the Red Dog District in Alaska, where it has several high-quality opportunities located between 10 and 20 kilometers from the company’s existing Red Dog operation. The primary focus for future expansion is on Aktigiruq. The project is in the prefeasibility study stage to potentially become an underground mine, which would leverage the existing mill and supporting facilities at Red Dog operations. In late 2024, the project received regulatory approval to construct an exploration access road from the Red Dog operation to the Aktigiruq deposit. Planned work in 2025 will focus on road construction, surface drilling, engineering studies, and baseline environmental work in preparation for future permit applications.
Mexico
Growth Projects
San Nicolás, Mexico (Copper-Zinc)
The San Nicolás property, located in Zacatecas, Mexico, is a copper-zinc massive sulphide deposit with minor gold and silver content. The property is held by Minas de San Nicolás, S.A.P.I. de C.V. (MDSN), a 50/50 joint venture between Teck and Agnico Eagle Mines Limited formed in April 2023.
MDSN continues to advance a wide range of engagements with key Communities of Interest. Meetings with communities and key stakeholders in 2024 focused on maintaining and building strong working relationships and trust between the project and the communities in the project area, as well as an increased appreciation of the project itself, including potential impacts and planned mitigations.
The Mexican Environmental Impact Assessment (Manifestación de Impacto Ambiental Regional or MIA-R) permit application was submitted in January 2024 and the Change of Land Use (Estudios Tecnicos Justificativos or ETJ) permit application was submitted in June 2024. Planned work in 2025 includes the completion of the feasibility study and supporting the permit approval process, positioning the project for a potential sanction decision.
Chile
Operations
Quebrada Blanca Mine (Copper-Molybdenum)
The Quebrada Blanca mine is owned by a Chilean private company, Compañía Minera Teck Quebrada Blanca S.A. (QBSA). Teck holds an indirect 60% interest in QBSA (66.67% of the Series A shares); SMM/SC collectively hold an indirect 30% interest in QBSA (33.33% of the Series A shares) and Corporación Nacional del Cobre de Chile (Codelco), a Chilean state-owned mining entity, holds a 10% carried interest in QBSA (100% of the Series B shares), which does not require Codelco to fund capital spending.
QBSA owns the exploitation and/or exploration rights in the immediate area of the Quebrada Blanca deposit pursuant to various mining concessions and other rights. There are currently approximately 138,141 hectares of mining rights incorporating exploitation and exploration mining concessions held in the name of QBSA. The exploitation mining concessions have no expiry date. In addition, QBSA holds surface rights covering the mine site and other areas aggregating approximately 34,800 hectares, as well as certain other exploration rights in the surrounding area and certain water rights.
The Quebrada Blanca property is located in the Tarapacá Region of northern Chile approximately 240 kilometres southeast of the port city of Iquique and 1,500 kilometres north of the city of Santiago, the capital of Chile. Quebrada Blanca is located approximately 4,400 metres above sea level. Mine personnel are based in a camp facility, and the majority commute from large population centres, including Iquique and Santiago.
In 2024, 46 diamond drillholes totaling 14,018 metres were completed at Quebrada Blanca. This included nine drill holes (2,250 metres) in the support of enhancing ore body knowledge to further optimize the production plan over the next five years, with 37 drill holes (11,767 metres) drilled as part of the geological and resource drilling requirements to support future extension and expansion project evaluations. All diamond core is logged and sampled at two-meter intervals using half core (PQ, HQ, NQ size depending on sample depth); samples are collected and prepared for assaying at a third-party chemical laboratory. The remaining second half core is securely stored and preserved for future reference. Quebrada Blanca rigorously adheres to existing quality control and quality assurance protocols consistent with those recommended by Teck.
Carmen de Andacallo Mine (Copper)
The Carmen de Andacollo property is owned by a Chilean private company, Compañía Minera Teck Carmen de Andacollo (CDA). The company owns 100% of the Series A shares of CDA while ENAMI owns 100% of the Series B shares of CDA. The company's Series A shares of CDA equate to 90% of CDA's total share equity and ENAMI's Series B shares comprise the remaining 10% of total share equity. ENAMI's interest is a carried interest, and as a result, ENAMI is not required to contribute further funding to CDA.
CDA owns the exploitation and/or exploration rights over an area of approximately 30,000 hectares in the Carmen de Andacollo supergene and hypogene deposits pursuant to various mining concessions and other rights. In addition, CDA owns the surface rights covering the mine site and other areas aggregating approximately 2,700 hectares, as well as certain water rights.
The Carmen de Andacollo property is located in the Coquimbo Region in central Chile. The site is adjacent to the town of Carmen de Andacollo, approximately 55 kilometres southeast of the city of La Serena and 350 kilometres north of Santiago. Access to the Carmen de Andacollo mine is by paved roads from La Serena. The mine is located near the southern limit of the Atacama Desert at an elevation of approximately 1,000 metres. The climate around Carmen de Andacollo is transitional between the desert climate of northern Chile and the Mediterranean climate of the Santiago area.
The Carmen de Andacollo orebody is a porphyry copper deposit consisting of disseminated and fracture-controlled copper mineralization contained within a gently dipping sequence of andesitic to trachytic volcanic rocks and sub-volcanic intrusions. The mineralization is spatially related to a feldspar porphyry intrusion and a series of deeply rooted fault structures. A primary copper-gold sulphide hypogene deposit containing principally disseminated and quartz vein-hosted chalcopyrite mineralization lies beneath the supergene deposit. The hypogene deposit was subjected to surface weathering processes, resulting in the formation of a barren leached zone 10 to 60 metres thick. The original copper sulphides leached from this zone were redeposited below the barren leached zone as a copper-rich zone consisted of copper silicates (chrysocolla) and supergene copper sulphides (chalcocite with lesser covellite).
The Carmen de Andacollo mine is an open pit mine. Copper concentrate is produced by processing hypogene ore through semi-autogenous grinding and a flotation plant with the capacity to process up to 55,000 tonnes of ore per day, depending on ore hardness. Formerly supergene ore was also mined, transported to heap leach pads and processed in an SX-EW plant to produce copper cathode, however cathode operations ended in 2023, with the cathode plant placed in care and maintenance.
Over the course of 2024, 24 infill diamond drill holes was completed at Carmen de Andacollo for a total of 3,760 meters. This included 20 holes totaling 3,000 metres for metallurgical purposed, two geotechnical holes totaling 270 metres and two hydrogeological holes totaling 490 metres. The results from these drill holes were incorporated into the 2024 block model and did not result in any material change to the geological understanding of the orebody or the mine plan.
The life of mine for Carmen de Andacollo is expected to continue until 2037, although additional environmental permits will be required to extend mine life beyond 2031. In 2024, the mining method permit was updated and approved, allowing the implementation of double benching inside the pit. Other minor permit amendments in progress include a waste rock storage permit, expected in 2025, as well as a minor permit for two water replacement wells. The long-term availability of water for Carmen de Andacollo will continue to be a focus, with additional water rights required to extend mine life beyond 2031.
In August 2020, CDA entered into a long-term power purchase agreement to provide 100% renewable power for the operation. Other major contracts for the site include two collective agreements, which are up for renewal in 2025, as well as a new contract for the Engineer of Record and Quality Assurance for the construction and operation of the existing tailing’s facility.
Carmen de Andacollo has an agreement with Royal Gold to deliver an amount of gold equal to 100% of the payable gold produced from the Carmen de Andacollo mine until 900,000 ounces have been delivered, and 50% thereafter.
Growth Projects
Quebrada Blanca Optimization and Debottlenecking (Copper-Molybdenum)
As the Quebrada Blanca phase 2 ramp-up concludes, the company focuses on near-term opportunities to optimize and debottleneck the asset, with a specific focus on increasing concentrator throughput. In 2024, studies related to these opportunities commenced and will continue through 2025. Amendments to the current permit are planned as part of debottlenecking initiatives.
Quebrada Blanca - Future Expansions (Copper-Molybdenum)
Concept-level studies relating to future expansions of Quebrada Blanca continued in 2024, assessing various options to develop the vast Quebrada Blanca resource. Geotechnical and resource definition drilling will continue in 2025 to inform these advanced studies and engineering design.
NuevaUnión (Copper-Molybdenum-Silver-Gold)
NuevaUnión is a 50:50 partnership between Teck and Newmont Corporation consisting of the copper-gold La Fortuna deposit and the copper-molybdenum-silver Relincho deposit, located approximately 40 kilometers apart in the Huasco Province in the Atacama region of Chile.
Peru
Operations
Antamina Mine (Copper, Zinc, Molybdenum)
The company indirectly owns 22.5% of the Antamina copper/zinc mine in Peru, with the balance held indirectly by BHP Billiton plc (33.75%), Glencore plc (33.75%) and Mitsubishi Corporation (10%). The participants' interests are represented by shares of Compañía Minera Antamina S.A. (CMA), the Peruvian company that owns and operates the project.
The Antamina property consists of numerous mining concessions covering an area of approximately 105,000 hectares and an area of approximately 15,716 hectares of surface rights. These concessions can be held indefinitely, contingent upon the payment of annual license fees and the provision of minimum annual investment or production from each mining concession. CMA also owns a port facility located at Huarmey, and an electrical substation located at Huallanca. In addition, CMA holds title to all easements and rights-of-way for the 302-kilometre concentrate pipeline from the mine to the port in Huarmey.
The deposit is located at an average elevation of 4,200 metres, 385 kilometres by road and 270 kilometres by air north of Lima, Peru. Antamina lies on the eastern side of the Western Cordillera in the upper part of the Rio Marañon basin. Mine personnel live in a camp facility while at work, and commute from both local communities and larger population centres, including Lima.
The mine is an open pit, truck-and-shovel operation. The ore is crushed within the pit and conveyed through a 2.7-kilometre tunnel to a coarse ore stockpile at the mill. It is then processed utilizing two SAG mills, followed by ball mill grinding and flotation to produce separate copper, zinc, molybdenum and lead/bismuth concentrates. The mill has the capacity to process approximately 165,000 tonnes per day, depending on ore hardness. A 302-kilometre-long slurry concentrate pipeline, approximately 22 centimetres in diameter with a single pump station at the mine site, transports copper and zinc concentrate to the port where they are dewatered and stored prior to loading onto vessels for shipment to smelters and refineries worldwide.
The mine is accessible via an access road maintained by CMA. Power for the mine is taken from the Peru national energy grid through an electrical substation constructed at Huallanca. Fresh water requirements are sourced from a dam-created reservoir upstream from the tailing’s impoundment facility. The tailings impoundment facility is located next to the mill. Water reclaimed from the tailing’s impoundment is used as process water in the mill operation. The operation is subject to water and air permits issued by the Government of Peru and is in material compliance with those permits. The operation holds all the permits that are material to its operations.
The Antamina polymetallic deposit is skarn hosted. It is unusual in its persistent mineralization and predictable zonation and has a southwest-northeast strike length of more than 2,500 metres and a width of up to 1,000 metres. The skarn is well-zoned symmetrically on either side of the central intrusion with the zoning used as the basis for four major subdivisions: a brown garnet skarn, a green garnet skarn, a wollastonite/diopside/green garnet skarn and a marbleized limestone with veins or mantos of wollastonite. Other types of skarns, including the massive sulphides, massive magnetite, and chlorite skarn, represent the remainder of the skarn and are randomly distributed throughout the deposit. The variability of ore types can result in significant changes in the relative proportions of copper and zinc produced in any given year.
In 2024, the drilling program consisted of 104 drill holes totaling 58,720 meters. 72 holes drilled in 2024 were incorporated into site geologic models, but they did not result in any material changes in the resource or mine plan. For diamond core, three-meter samples on average of half core (HQ or NQ) are collected and prepared for assay at an external laboratory. The remaining half of the core is retained for future reference. The assay program includes approximately 20% of quality-control samples, comprising reference materials, duplicates and blanks, as well as samples for external control at a secondary laboratory. The reference materials consist of matrix-matched material from Antamina, homogenized and certified in accordance with industry practice.
Growth Projects
Zafranal (Copper-Gold)
The Zafranal property, located in southern Peru, 85 kilometres northwest of Arequipa within the provinces of Castilla and Caylloma, is a mid-sized copper-gold porphyry deposit discovered by Teck in 2004. The asset is held by Compañía Minera Zafranal S.A.C., in which Teck holds an 80% interest, with Mitsubishi Materials Corporation holding the remaining 20%.
Zafranal received its Social and Environmental Impact Assessment permit from the regulator in May 2023. In 2024, the company continued to progress engineering and design activities for the submission of the construction permit application in the second half of 2025. This work will continue in 2025, along with detailed engineering, the tendering process for both advanced works and for the main transmission line design, construction planning and advanced works execution. The company will also continue to advance the project’s community commitments and key stakeholder engagement activities in the areas of health, capacity building, cultural heritage resource management and water.
Exploration
Exploration plays two critical roles at Teck: discovery of new orebodies through early-stage exploration and acquisition and the pursuit, evaluation and acquisition of development opportunities. Exploration is carried out through sole funding and joint ventures with major and junior exploration companies. Exploration is focused on areas in proximity to the company’s existing operations or projects in regions that the company consider have high potential for discovery.
Early-stage copper exploration in 2024 focused primarily on advancing projects targeting porphyry-style mineralization in Argentina, Chile, Kazakhstan, and Peru and on evaluating new opportunities in South America, Europe, Central Asia and southern Africa. In 2025, the company plan to drill a number of early-stage copper projects in Argentina, Chile, Kazakhstan and Peru.
In 2024, the company continued to grow the company’s portfolio of early-stage nickel exploration opportunities, with an initial focus on Australia, Botswana, Canada and the United States. In 2025, work will focus on advancing projects in Australia and Canada to drilling.
Zinc exploration in 2024 was concentrated on an advanced-stage project in the Red Dog district in Alaska. All early-stage zinc exploration in Australia was stopped and the company continued to advance a zinc-copper-silver project in eastern Türkiye. In 2025, the company plan to continue evaluating the polymetallic project in eastern Türkiye and to continue drilling advanced-stage projects in the Red Dog mine district in Alaska.
Teck’s exploration strategy is underpinned by an agile commercial mindset whereby the company manage and refresh a portfolio of commercial opportunities, such as retained project royalties and equity in junior exploration companies. In 2024, investments were made in exploration companies with copper portfolios in Armenia, U.S. and Peru, and nickel portfolios in Canada. Additionally, exploration agreements were signed with exploration companies with projects in Australia, Canada and the U.S.
Foreign Operations
The Red Dog mine located in Alaska, the Antamina mine located in Peru, and the Quebrada Blanca and Carmen de Andacollo mines located in Chile are the company’s significant operating assets located outside of Canada. The company hold a 22.5% interest in Antamina through the company’s equity interest in CMA, the operating company for the mine. The company hold a 100% interest in the Red Dog mine, subject to the royalty in favour of NANA as described under the heading ‘Operations and Production – United States — Red Dog Mine (Zinc, Lead)’ above. The company own 90% of the Chilean operating company that owns Carmen de Andacollo and the company hold a 60% indirect interest in QBSA, which holds the company’s Quebrada Blanca Operations. Foreign operations accounted for approximately 66% of the company’s 2024 consolidated revenue and represented approximately 75% of the company’s total assets as at December 31, 2024.
The company also have interests in various exploration and development projects in various foreign countries, with significant activities in Argentina, Australia, Chile, Kazakhstan, Mexico, Peru, Türkiye and the United States. The company currently have foreign exploration offices in Australia, Chile, Ireland, Peru and Türkiye.
History
The company was founded in 1913. It was incorporated in 2008. The company was formerly known as Teck Cominco Limited and changed its name to Teck Resources Limited in 2009.
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