Foreign media February 22**, Tektronix Resources (Toronto** Exchange: Tektronix Resources) a, teckb;Teck Inc., Canada's largest diversified mining company, reported fourth-quarter 2023 profit that beat expectations due to higher sales of coal for steelmaking, record copper production and stronger copper**.
The Vancouver-based mining company said it had realised a 2% increase in copper prices. Copper production in the last three months of 2023 increased from $6 in the same period last year as the company's production capacity at Chile's Quebrada Blanca mine ramps up50,000 tonnes surged 58% to 1030,000 tons.
The company also announced increased production from its Highland Valley Copper mine in Canada and Antamina Copper Mine in Peru, which plans to invest $2 billion in expansion.
Total copper production in the fourth quarter of 2023 reached 2960,000 tons, compared to 270,000 tons in the same period in 2022.
The production of zinc concentrate is 1820,000 tons, up from 14 in the same period last year30,000 tons. Refined zinc output was 70,000 tons, up from 4 in the same period last year60,000 tons.
"Our business had a strong fourth quarter, generating $1.7 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the quarter, returning cash to shareholders and advancing the growth of our Quebrada Blanca business, resulting in a record quarterly copper production for TECK," CEO Jonathan Price said in a statement. ”
He added that TECK is well positioned to achieve its strategic priorities in 2024, which include securing the growth of its copper portfolio by increasing the HVC Mine Life Extension Project in British Columbia and initiating the permitting process for San Nicolas in Mexico.
The company kept its copper production guidance unchanged at 4650,000 to 540,000 tonnes of copper and 5650,000 to 630,000 tons of zinc.
Meanwhile, Teck said it was executing plans to divest its base metals and steelmaking coal operations after giving its coal division to Glencore.
After Teck rejected Rio Tinto's unsolicited $23 billion takeover offer, the Swiss mining and commodities trader spent much of 2013 in a public battle with Teck. The acquisition, while unsuccessful, opened the door for Glencore to acquire Teck's steelmaking coal business. Glencore plans to merge the business with its own coal assets to create a new coal-focused company.