Can you discuss operational highlights from 2023 and Q1 2024 for Quebrada Blanca and Carmen de Andacollo?

2023 was a pivotal year for Teck’s copper growth strategy as we ramped up production at our newly expanded Quebrada Blanca (QB) operation, highlighted by record quarterly copper production in Q4 2023. That ramp up has continued in 2024, and we have now completed all major construction at QB, including the port and the molybdenum plant. The ramp up of QB is already being reflected on our operational results for 2024, with total Teck copper production in the first quarter of 99,000 t, which was 74% higher than the same period last year.

We expect progressively stronger copper production from QB in each quarter throughout the rest of the year as we ramp up to full capacity by year-end.

Carmen de Andacollo produced 6,900 t of copper in Q1 2024 and continues to be an important part of our overall copper portfolio.

What does the sale of the steelmaking coal business mean for Teck and the importance of Chile in your business plans moving forward?

The sale of the steelmaking coal business will mark a major shift at Teck as we focus entirely on providing the metals that matter for global development and the energy transition. The proceeds of the sale will help to ensure we are well-capitalized to execute on our growth strategy, and to position Teck as a leader in responsibly supplying essential metals, particularly copper.

What is Teck’s approach to sustainability?

At Teck, sustainability is woven into everything we do. That approach is demonstrated in our QB expansion project, as from the start, we considered environmental and social performance as essential to its success. We started building local relationships years before permitting and construction, and today we have 22 agreements in place with indigenous communities and fishermen’s unions to share in the benefits of QB, including a focus on local employment and diversity, with about 27% of the operation’s employees being women.

We built the region’s first full-scale desalination plant for QB, and secured 100% renewable power for the operation to minimize emissions. Those measures were essential in helping build the support necessary to move forward, establishing trust with our stakeholders, and advancing to completion.

How is Teck adapting its strategies in Chile to navigate evolving global markets and geopolitical challenges and what is the role of responsible mining within this?

We cannot meet global climate goals without a significant increase in mining critical minerals – particularly copper, which is key to electrification. Our task as an industry is twofold: we have to produce more metals than ever, with less impact than ever. Estimates suggest global copper demand will likely double by 2050, from 25 million to 50 million t/y. We have to meet that demand while also meeting increasing environmental and social expectations.

Finding a way forward to both grow the supply of essential metals like copper while reducing our footprint is the most important challenge facing our industry. Teck has prioritized sustainability performance for decades, not just because it’s the right thing to do, but also because it’s directly connected to business success.

How does Teck view the future of the copper industry in Chile?

Chile is a great place to do business, with skilled and experienced people, and a strong, modern mining sector, and is an important focus for Teck’s future growth.

Chile’s copper industry can and will play a significant role in helping supply the world with the single most critical mineral for decarbonization and the energy transition. Chile’s mining industry cannot fill that demand alone, but it is already leading the way, showing how to build new projects with the highest environmental and social standards.

What are Teck’s strategic goals for 2024-2025?

Our first priority is completing the ramp up of our newly expanded QB operation and achieving full production. Beyond QB, we are focused on continuing to grow our copper portfolio, with a number of copper projects in various stages of development, including potential future expansion of QB. QB’s initial mine life of 27 years will use less than a fifth of the available resource, so there’s significant potential for further growth.