Teck Resources has shared unaudited production and sales volumes for the fourth quarter of 2023 and the full year, ahead of its financial results announcement scheduled for February 21, 2024. The year 2023 posed several challenges for Teck’s operations, impacting annual production across its business units. Notably, steelmaking coal production exceeded guidance, while base metals saw a slight decline.
Key Production Metrics
- Copper production totaled 296,500 tonnes, affected by a slow start at QB2 and a geotechnical issue at Highland Valley Copper.
- Zinc in concentrate output reached 644,000 tonnes, slightly below guidance, primarily due to weather disruptions and equipment failures at Red Dog.
- Refined zinc production stood at 266,600 tonnes, marginally under the forecast, impacted by first-quarter weather conditions and concentrate supply issues in the latter half of the year.
Looking into 2024, Teck anticipates continuous inflationary cost pressures, similar to trends in the broader mining industry. These include increased expenses for mining equipment, labor, contractors, and energy costs, particularly in Chile. Despite stable fundamental mining drivers like strip ratios and haul distances, rising costs of key supplies and fluctuating diesel prices are expected to influence Teck’s capital expenditure and annual unit cost guidance for the coming year. 
