Teck secures EA certificate for Highland Valley extension project
Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) said the B.C. government has issued an environmental assessment certificate for Teck’s proposed Highland Valley copper mine life extension project (HVC MLE) in central British Columbia.
“This positive decision by the government of B.C. will support extending the life of Canada’s largest copper mine, strengthening the North America critical minerals supply chain and contributing to jobs and economic activity,” said Teck President and CEO Jonathan Price. “This is an important step forward that positions the project for a final construction sanction decision in the near term. I want to thank indigenous governments and the Province of B.C. for their thoughtful assessment of HVC MLE and local communities, employees and all stakeholders for their engagement and feedback.”
Site preparation work is expected to start shortly along with work to secure additional required permits, with a final construction decision by Teck’s board of directors expected in the third quarter of 2025.
HVC MLE is expected to create about 2,900 jobs during the construction phase of the project. After construction, Highland Valley copper’s continuing operations will support approximately 1,500 direct jobs and $500 million in gross domestic product. The HVC MLE would extend the life of Highland Valley copper to the mid 2040s.
Teck’s Class B common shares edged up 0.438% or 23 cents to $52.76 on Wednesday. The shares trade in a 52-week range of $72.92 and $40.23.
Vancouver-based Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline.
On Monday, Teck’s Class B common shares dropped 3.04% or 87 cents to $27.72 on volume of 785,830. The shares are currently trading in a 52-week range of $32.27 and $14.37.
The Highland Valley Copper operations are located approximately 17 kilometres west of Logan Lake, and about 50 kilometres southwest of Kamloops, B.C. Teck has 100% interest in the operations.
Highland Valley produces both copper and molybdenum concentrates through autogenous and semi-autogenous grinding and flotation. Once processed, the metal concentrates are exported overseas, where the majority is sold under long-term sales contracts to smelters.
Teck achieved record copper production of 446,000 tonnes in 2024, up 50% from 2023, supported by the ramp up of the Quebrada Blanca (QB) project in northern Chile. The company has previously said it expects copper production in 2025 to further increase to between 490,000 and 565,000 tonnes as QB continues to ramp up.
Highland Valley produced 27,100 tonnes in the fourth quarter, which was 2,700 tonnes lower than in the year ago quarter. The decrease was primarily due to lower grades and recoveries. Copper sales volumes of 24,200 tonnes in the fourth quarter were 2,000 tonnes lower than in the year ago quarter, reflecting lower production levels.
Annual copper production at Highland Valley in 2024 was 102,400 tonnes and within the company’s previously disclosed guidance of 97,000 to 105,000 tonnes.
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