Teck Resources Limited reported that its Quebrada Blanca Phase 2 Project (QB2) has generated its first bulk copper concentrate as the project nears completion and ramps up to its full production in 2023.
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First copper concentrate production at QB2 is an important milestone as we advance our commissioning and ramp up plan towards full production this year. This achievement is made possible by the dedicated and skilled teams who have worked diligently to progress this transformative operation, which is the cornerstone of our copper growth strategy.
Jonathan Price, Chief Executive Officer, Teck Resources Ltd.
When QB2 is fully operational, its combined copper production will more than double at Teck. It has a 27-year initial mine life and uses only about 18% of the 2022 reserves and resource tonnage, making it one of the most significant untapped copper resources in the world. It also has a lot of room for future expansion.
In 2024–2026, the operation is expected to produce 285,000–315,000 tons of copper annually. Teck’s copper production guidance for 2023 remains unchanged.
Leading sustainability practices are incorporated into QB2, including the first significant use of desalinated seawater for mining in Chile’s Tarapacá Region. Additionally, an agreement is in place to rely entirely on renewable power from AES Andes for the operation starting in 2025.
Teck has been interacting with residents in the QB2 project area since 2012 and will continue to do so for the duration of the project. This includes working together to achieve tangible benefits for the area.
Teck indirectly holds a 60% stake in Compaa Minera Teck Quebrada Blanca SA (QBSA), the owner of QB2. A combined indirect 30% stake in QBSA is held by Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation. A 10% non-funding interest in QBSA belongs to ENAMI.