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December 01, 2021
and step out hole extends copper-vanadium-lead mineralisation along strike to the NE
Golden Deeps Limited (“Golden Deeps” or “Company”) is very pleased to announce further, exceptional, copper-vanadium-lead-silver intersections from the second diamond drill hole at the Nosib Block (“Nosib”) Prospect, located in the Otavi Mountain Land of northern Namibia (see location Figure3).
Highlights:
- The second diamond drill hole completed at Nosib Prospect, NSBDD002, has produced exceptionally high-grade copper-lead-vanadium and silver intersections from surface, including:
- NSBDD002: 20.85m @ 2.0% Cu,1.54% V 2O5, 6.0% Pb, 7.7g / tAg (6.4%CuEq*) from 0m
- incl. 12.10m @ 3.2% Cu, 2.54% V 2O5, 9.8% Pb, 8.0g/tAg (10.3% CuEq*) from 0m
- incl. 3.00m @ 6.3% Cu, 7.82% V 2O5, 21.9% Pb, 6.4g/tAg (25.9% CuEq*) from 7.3m
- NSBDD002: 20.85m @ 2.0% Cu,1.54% V 2O5, 6.0% Pb, 7.7g / tAg (6.4%CuEq*) from 0m
*See copper equivalent (CuEq) calculation Appendix 1
- NSBDD002didnottesttheentiretargetzonedue to bogged drill-rods, but still intersected an overall zone of 45.7mdownhole/truethicknessataveragegradeof1.0%Cu,0.72%V2O5,2.8%Pb
- These exceptional diamond drillhole intersections are located within the shallow, supergene, zone of the Nosib deposit between previousvery-high-gradecopper,vanadium,leadandsilver intersections,including:
* NSBRC0102: 29m @1.54% Cu,1.19% V 2O5, 4.49% Pb, 6.97g/tAg (6.6% CuEq*) from 2m
- incl. 13m @ 2.83% Cu, 2.52% V 2O5, 9.18% Pb, 6.57 g/tAg (13.3% CuEq*) from 3m
- incl. 9m @ 3.66% Cu, 3.62% V 2O5, 11.9% Pb, 7.70g/tAg (18.4% CuEq*) from 3m
* NSBRC0071: 24m @ 1.33% Cu, 1.37% V 2O5, 4.77% Pb, 3.67g/tAg (5.0% CuEq*) from 3m
- incl. 10m @ 2.65% Cu, 3.12% V 2O5, 10.7% Pb, 7.79g/tAg (11.0% CuEq*) from 3m
- incl. 6m @ 3.67% Cu, 4.40% V 2O5, 14.9% Pb, 12.2g/tAg (15.4%CuEq*) from 6m
*See copper equivalent (CuEq) calculation Appendix 1
- In addition, diamond drillhole NSBDD004, a step-out hole to the northeast of NSBRC0071, has intersected “frequent pods and patches of malachite” (copper-carbonate) as well as copper- sulphide mineralisation from 24.5m to 46.5m (22mzone) with pXRF readings up to 4.4% copper
- Diamond drilling is continuing (NSBDD005) with a higher-capacity diamond drilling rig, testing down plunge of the previous intersection in NSBRC009² of 5m @ 2.58% Cu,18.8g/tAg from 61 m that indicates potential for a high-grade copper-silver sulphide zone at depth
- Diamond drilling is also planned to test down-plunge extensions of the very-high-grade Khusib Springs deposit, 15km east of Nosib, that previously produced 300,000t @ 10% Cu,584g/tAg3
Click here for the full ASX Release
This article includes content from Golden Deeps Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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27 February
Types of Copper Deposits in the World
Copper mineralization occurs in many forms and in a variety of geological settings. As such, there are various factors to consider when determining the value of different types of copper deposits.
Historically, the world’s most profitable copper mines have been large-scale porphyry deposits with chalcopyrite mineralization extracted via open-pit mining. While they do not have the highest grades of ore and generally have more expensive refining costs, they tend to have large mineral resources.
The world's biggest copper mine is the Escondida copper porphyry mine in Chile, which is owned by BHP (NYSE:BHP,ASX:BHP,LSE:BHP), Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) and Japanese firm Jeco at 57.5 percent, 30 percent and 22.5 percent respectively. Escondida means “hidden” in Spanish, and the deposit was given the name because it has no outcrops; the main orebody is hidden below hundreds of meters of overburden.
Copper production figures can change rapidly, but in the first half of BHP's 2025 financial year, the company's portion of Escondida’s copper production reached 644,000 metric tons, up 22 percent over the same period in the previous year.
This represents a 10 year production record for the mine. Escondida has processed more than 2 billion metric tons of ore through leaching and flotation since opening more than a quarter century ago. Today it accounts for almost 5 percent of worldwide copper output.
How to determine the value of a copper deposit?
As mentioned, there are many factors to look at when determining the value of a copper deposit.
Among other elements, companies must consider grade, refining costs, the estimated copper resource and the ease at which the copper can be mined. Read on for a brief overview of five things that are important to think about when finding the value of a copper deposit.
1. What are the types of copper deposits?
Porphyry copper deposits are low grade, but are important sources of copper because they can be worked at a large scale for low costs. They typically contain between 0.4 and 1 percent copper in concert with smaller amounts of other metals, such as molybdenum, silver and gold. Porphyry copper mineral deposits are usually massive, with extraction taking place by open-pit mining.
Copper-bearing sedimentary rocks are the second most important type of copper deposit, accounting for approximately one-quarter of the world’s identified copper deposits.
Other types of copper deposits found throughout the world include:
- Volcanogenic massive sulfide (VMS) deposits, a source of copper sulfide formed through hydrothermal events in submarine environments.
- Iron oxide-copper-gold (IOCG) deposits are highly valuable concentrations of copper, gold and uranium ores.
- Copper skarn deposits, which in a broad sense are formed through chemical and physical mineral alterations created when two separate lithologies make contact.
2. What is the average copper deposit grade?
Grade is a significant factor in how much a deposit is worth, and is effectively is a measure of the concentration of metal. Most copper ores contain only a small percentage of copper metal bound up within valuable ore minerals. The remainder of the ore is simply unwanted rock.
Exploration companies conduct drill programs to extract samples of rock called cores. The cores are then subjected to chemical assays to determine the “grade” of a deposit.
Copper deposit grades are usually expressed as a weight percentage of the total rock. For example, 1,000 kilograms of copper ore containing 300 kilograms of copper metal has a grade of 30 percent. When metal is at a much lower concentration, it may be described in terms of parts per million. However, grade is the common convention with copper, and exploration companies estimate grade through drilling and assaying.
The average grade of copper ores in the 21st century is below 0.6 percent copper, with the proportion of ore minerals being less than 2 percent of the total volume of the ore rock.
Investors should approach grade estimates with a critical eye. When an exploration company issues grade statements, investors should be sure to compare them to the total depth of the drill core used to determine the grade. A high grade at a low depth can have far less value than a mediocre grade consistent through a deep core.
3. How much does it cost to mine copper?
The largest, most profitable copper mines have been open-pit mines, although underground copper mines are not uncommon. Of key importance in an open-pit mine is a resource that is relatively close to the surface.
Mining companies are particularly interested in the amount of overburden, which is the amount of worthless rock and soil on top of the copper resource. This material must be removed to access the resource. Escondida, mentioned above, has a resource that is covered by a large amount of overburden, but the deposit is still economic due to the large size of the resource beneath.
4. What are the types of copper ore?
There are two distinct types of copper deposits: sulfide ore and oxide ore. Currently, the most common source of copper ore is the sulfide ore mineral chalcopyrite, which accounts for about 50 percent of copper production. Sulfide ores are processed via froth floatation to obtain copper concentrate. Copper ores containing chalcopyrite can produce a concentrate with 20 to 30 percent copper in concentrate.
The more valuable chalcocite concentrates typically grade higher, coming in between 37 and 40 percent copper in concentrate due to the fact that chalcocite contains no iron. Chalcocite has been mined for centuries, and is one of the most profitable copper ores. The reason for that is its high copper content and the ease at which the copper it contains can be separated from sulfur.
It is not, however, the primary copper ore today. Copper oxide ores are leached with sulfuric acid to liberate the copper minerals into a solution of sulfuric acid laden with copper sulfate solution. The copper sulfate solution (called the pregnant leach solution) is then stripped of copper via a solvent extraction and electrowinning process, which is more economical compared to froth flotation.
5. What are primary and secondary ores?
All copper mines have different mineral assemblages. The primary assemblage is the mineralization type that is most prevalent. Most types of copper deposits also have secondary ores, however, and they can add a great deal of value to a deposit. The Escondida mine is primarily a chalcopyrite porphyry deposit overlain by secondary oxides. It is important for companies not to discount secondary mineralization.
What makes a world-class copper deposit?
While there are other factors to consider when valuing a copper deposit, the upshot is that a world-class copper deposit holds a copper resource whose value far exceeds the cost of mining and refining. To date, some of the biggest copper finds have been the Kennecott copper mine, a large-scale porphyry deposit, the Chuquicamata copper porphyry complex and, of course, Escondida.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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27 February
Trump's Copper Tariff Investigation Triggers Global Market Response
American head of state Donald Trump has directed the US government to explore potential tariffs on copper imports, marking another significant move in his administration’s ongoing trade strategy.
The executive order, signed on Tuesday (February 25), instructs the commerce department to investigate whether imported copper poses a national security risk under Section 232 of the Trade Expansion Act of 1962.
The decision has already triggered a sharp reaction in the global copper market, widening price spreads for the red metal and prompting traders to start rushing shipments to the US.
According to the Globe and Mail, White House trade adviser Peter Navarro said the move is designed to curb China’s expanding copper sector while addressing vulnerabilities in the US supply chain. He emphasized the need to restore domestic mining, smelting and refining of copper, citing military and technological applications.
Despite Trump’s longstanding push for trade balance, the US currently runs a surplus in copper trade. In 2024, the country exported US$11.3 billion worth of copper while importing US$9.6 billion, according to census bureau data.
US officials are arguing that shifting supply and demand forecasts create a national security risk.
Trump has used tariffs extensively as part of his trade policies, previously removing exemptions for 2018 tariffs on steel and aluminum. Most recently, he has threatened neighboring nations — Canada and Mexico — with 25 percent tariffs on all imports. These could take effect as early as next week, although plans have changed multiple times.
The president has also pledged broader tariffs to match rates imposed by other nations, and has targeted industries including automobiles, semiconductors and pharmaceuticals.
Traders seek copper arbitrage opportunities
The announcement about potential copper tariffs has sent US copper prices soaring, leading to an arbitrage opportunity that traders have been quick to exploit. Prices for the metal on New York’s Comex surged as much as 4.9 percent, with copper trading over US$1,000 above the London Metal Exchange (LME) benchmark.
Earlier this month, Comex copper contracts spiked to a US$1,300 premium over LME prices before narrowing to US$600 and then widening again after Trump’s announcement. The investigation into copper could take months to complete, allowing traders more time to move metal into the US without penalties.
Major companies, including Glencore (LSE:GLEN,OTC Pink:GLCNF) and Trafigura Group, have been moving to ship copper to the US market in recent weeks, according to industry sources. While the bulk of their shipments are coming from South America, inquiries have also been made about shipping copper from Asian warehouses tracked by the LME.
The potential tariffs are also reshaping global copper flows, with requests to withdraw copper from LME warehouses in Asia surging by over 93,000 metric tons in recent days, marking the largest four day drawdown since 2013.
The shift is redirecting metal that typically flows to China, the world’s top copper consumer, toward the US market.
The increase in US copper prices is also raising costs for domestic manufacturers, which have paid an average premium of 8 percent over global prices since Trump first floated the idea of copper tariffs in late January.
One challenge for copper importers is that only a limited number of producers are approved for delivery on Comex, with Chinese smelters notably absent from the list. Furthermore, Trump’s existing 10 percent tariff on Chinese goods, implemented earlier this month, has dissuaded some firms from targeting the US market.
While global copper markets brace for uncertainty, companies with assets in the US are looking to capitalize on the government's efforts to shore up domestic supply. Those include American Pacific Mining (CSE:USGD,OTCQX:USGDF), which believes its two US-based copper projects could play a role in Trump's copper ambitions.
“The current market dynamics and US policy trends underscore the strategic value of our US-based copper assets. With projects like our Madison Copper-Gold project in Montana and Palmer Copper-Zinc project in Alaska, we are well-positioned to potentially supply the growing domestic demand for copper, a critical metal for the US economy and clean energy transition,” Warwick Smith, CEO of American Pacific, said in a statement.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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25 February
Top 10 Copper Producers by Country
In 2024, concern grew about copper supply as copper mines in the top copper-producing countries continued to age without new mines to replace them.
Additionally, copper demand from electrification is expected to rise significantly in the coming years.
The competing forces of the global macroeconomic situation and a tightening supply and demand situation caused major swings in the copper price last year, and the red metal set a new all-time high in May 2024 as it moved above the US$5 per pound mark for the first time.
Despite a tight supply situation, demand from the energy transition has largely been muted as China, traditionally the largest consumer of copper for its infrastructure, works to stimulate its flagging economy.
The forecast for copper over the next few years is that the copper market will move into supply deficits, which in turn should provide more tailwinds for the price of copper and greater upside to company balance sheets.
For investors interested in copper, it’s worth looking at production by country. According to the latest US Geological Survey data, global copper production reached 23 million metric tons (MT) in 2024. Mining output figures for this article were supplemented with data provided by Mining Data Online (MDO).
Chile again took the crown to become the top copper producing country last year, but some of the others on the list may surprise you. Read on to find out the top 10 copper countries and what mines are driving each country's copper output.
1. Chile
Copper production: 5.3 million metric tons
In 2024, Chile produced 5.3 million metric tons of copper, making it the world’s largest copper producing country with about 23 percent of the total global copper output.
Naturally, many of the world's leading copper miners have substantial operations in Chile, including the state-owned Codelco, Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Antofagasta (LSE:ANTO,OTC Pink:ANFGF).
Chile is also home to BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida, the largest copper mine in the world with an annual output in the 2 million metric ton range. According to MDO, BHP owns a 57.5 percent stake in the operation, with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) owning 30 percent and Jeco holding the remaining stake
According to BHP’s 2024 annual report, the company's portion of Escondida production came in at 1.13 million MT of copper in 2024.
However, Chile’s copper production is expected to rebound to record levels in 2025, according to S&P Global, to hit a projected 6 million MT as new mines ramp up their output.
2. Democratic Republic of Congo
Copper production: 3.3 million metric tons
In 2024, the Democratic Republic of Congo (DRC) produced 3.3 million metric tons of copper, accounting for more than 11 percent of global copper output. The DRC has increased its copper production rapidly in recent years, and its 2024 output marked a significant rise from the 2.93 million metric tons of copper produced the previous year.
One contributor to this increase is Phase 3 of the Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula project, which achieved commercial production in August 2024. A joint venture with partner Zijin Mining Group (OTC Pink:ZIJMY,SHA:601899), Kamoa-Kakula produced 437,061 MT of copper in 2024, an increase from the 393,551 MT produced in 2023. Ivanhoe is expecting further increases in production in 2025 and set its guidance for the year at 520,000 and 580,000 MT of copper.
3. Peru
Copper production: 2.6 million metric tons
In 2024, Peru produced 2.6 million metric tons of copper, according to USGS data. The total is down 160,000 MT from its copper output in 2023.
Among the factors impacting the declines was a 3.7 percent drop at Freeport McMoRan’s (NYSE:FCX) Cerro Verde, the largest copper mine in Peru. According to data from MDO, Cerro Verde produced 1.94 million metric tons of copper concentrate in 2023. Freeport McMoRan indicated in its Q1 2024 report that declines in its South American operations were due to lower volumes of stockpiled leach ore and lower milling rates associated with maintenance.
Other significant copper operations in Peru include Anglo American’s Quellaveco mine and Southern Copper’s (NYSE:SCCO) Tia Maria mine. The majority of copper produced in Peru is shipped to China and Japan, and South Korea and Germany are other top export destinations.
4. China
Copper production: 1.8 million metric tons
In 2024, China produced 1.8 million metric tons of copper. The total was marginally lower than the 1.82 million metric tons produced in 2023, but also marks a steady decline over the past few years, seeing production slip from a recent high of 1.91 million metric tons in 2021.
However, when it comes to refined copper production, China is by far the winner. In 2024, its refined copper production totaled 12 million metric tons, representing more than 44 percent of global refined copper production and six times the production of Chile, the next-top refinery producer. China also holds the world’s highest copper reserves at 190 million MT.
Zijin Mining Group, a leading metal producer in China, owns the Qulong copper-molybdenum-silver-gold mine in Tibet. The company purchased a 50.1 interest in the owner of the Qulong mine in 2024 and is working to consolidate 100 percent ownership. Zijin increased its mine production in 2024 and it is now the largest copper mine in China.
According to MDO, the Qulong mine produced 340 million pounds of copper in 2023. While its 2024 copper production is still being finalized, it is estimated to have increased to 366 million pounds.
5. Indonesia
Copper production: 1.1 million metric tons
In 2024, Indonesia produced 1.1 million metric tons of copper, passing the United States and Russia to become the fifth highest copper producer. The country's copper production has increased steadily in recent years, and is up significantly from 907,000 MT in 2023 and 731,000 MT in 2021.
Freeport McMoRan's Grasberg complex is the country’s largest copper mine. According to MDO data, the mine produced 1.66 billion pounds of copper in 2023.
Another of the country’s largest operations is PT Amman Mineral’s (IDX:AMMN,FWB:U4Z) Batu Hijau mine. While production in 2023 was modest compared to Grasberg at 542 million pounds of copper concentrate, it’s estimated that 2024 will see production increase significantly to 1.84 billion pounds as the mine begins processing high-grade ore from its Phase 7 cutback.
In mid-2024, Amman Minerals commissioned a smelting facility that will process 900,000 metric tons of copper concentrate annually to produce 222,000 MT of copper cathodes and 830,000 MT of sulfuric acid.
6. United States
Copper production: 1.1 million metric tons
The United States produced 1.1 million metric tons of copper in 2024. While only 30,000 metric tons less than its 2023 production totals, the country’s 2024 output was a sharp decline from the 1.23 million MT it produced in 2022.
The majority of US copper comes from Arizona, which accounts for 70 percent of domestic supply. Other states with significant copper output include Michigan, Missouri, Montana, Nevada and New Mexico. Overall, 17 mines are responsible for 99 percent of copper production in the United States.
Freeport McMoRan’s Morenci mine in Arizona, a joint venture with Sumitomo (TSE:8053), is the largest copper mine in the US. According to MDO data, the mine produced 700 million pounds of copper metal in 2024 and has 12.63 million pounds of proven and probable reserves.
Other significant operations include Freeport McMoRan’s Safford and Sierrita mines, at which copper production totaled 249 million MT and 165 million MT respectively.
7. Russia
Copper production: 930,000 metric tons
Russia produced 930,000 metric tons of copper in 2024, a sizable increase from the 890,000 MT produced the previous year.
One of the key contributions to the rise in Russian copper output is the ramp-up in Phase 1 production at Udokan Copper’s Udokan mine in Siberia. Although the mine experienced multiple fires at the very end of 2023, copper production was reported to be unaffected. The mine was expected to produce up to 135,000 metric tons of copper in 2024. This is expected to grow to 450,000 MT once Phase 2 comes online in 2028.
8. Australia
Copper production: 800,000 metric tons
In 2024, Australia produced 800,000 metric tons of copper, a slight increase from the 778,000 MT produced in 2023.
The country’s largest copper operation is BHP’s Olympic Dam mine in South Australia. According to MDO data, 2024 marked a 10 year high in total copper production for Olympic Dam at 216,000 metric tons.
The state of Queensland is home to the Mount Isa complex, run by a subsidiary of Glencore. While it is one of Australia’s largest copper producers, the operations will be closed in the second half of 2025.
Australia may have modest output compared to those at the top of the list, but it is tied with Peru for the second highest copper reserves in the world at 100 million metric tons, behind only China with 190 million metric tons.
9. Kazakhstan
Copper production: 740,000 metric tons
In 2024, Kazakhstan produced 740,000 metric tons of copper, on par with 2023’s production totals. Although its production was unchanged year-over-year, the country entered the top 10 copper producers list this year, leapfrogging over Mexico and Zambia.
Kazakhstan's copper output is up substantially compared to just a few years ago, with the country producing just 510,000 MT in 2021.
The nation plans to continue that trend, releasing a National Development Plan in February 2024 that aims to increase mineral production by 40 percent by 2029. The plan will involve increased exploration, project co-financing and tax incentives for investment.
Among the country’s largest mining companies is private firm KAZ Minerals, which owns the Aktogay mine. According to the company’s Q4 2024 production report, the mine produced 228,800 metric tons of copper during the year, a decline from the 252,400 MT produced in 2023.
10. Mexico
Copper production: 700,000 metric tons
Rounding out our list of top copper producers, Mexico produced 700,000 metric tons of copper in 2024, just 1,000 MT above its 2023 output.
The Buenavista del Cobre mine in Sonora, owned by Grupo Mexico (BMV:GMEXICOB), is the largest copper mine in the country. According to MDO data, the mine produced 725 million pounds of copper concentrate and 193 million pounds of copper cathode in 2023.
In addition, Grupo Mexico also owns Mexico’s second-largest copper mine, La Caridad, which produced 387,000 MT of copper concentrate and 51 million pounds of copper cathode in 2023.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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24 February
Issue of shares and cleansing notice
24 February
Application for quotation of securities - ANX
21 February
Teck Resources Reports Record Copper Production, Reassures Investors Amid Tariff Uncertainty
Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) closed out 2024 with record copper production and strong financial results, despite ongoing trade uncertainties that could impact its operations.
The Vancouver-based mining giant released its unaudited Q4 results on Thursday (February 20), reporting adjusted EBITDA of C$835 million for the period, driven primarily by increased copper and zinc sales and robust metal prices.
"2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production," said President and CEO Jonathan Price.
He highlighted Quebrada Blanca's performance, as well as 2024's C$1.8 billion in share buybacks and dividends.
In addition to hitting an annual record, Teck achieved its third consecutive quarter of record copper output in Q4.
The company produced 122,100 metric tons of copper in Q4, bringing its total for 2024 to 446,000 metric tons — up 50 percent from the previous year. Chile's Quebrada Blanca contributed 60,700 metric tons in the fourth quarter alone.
Teck's copper business generated C$732 million in gross profit before depreciation and amortization in Q4, up 160 percent year-on-year. Gross profit from the segment was C$299 million for the fourth quarter.
Red Dog contributed to a 24 percent year-on-year increase in zinc sales volume for Q4. The zinc business reported gross profit before depreciation and amortization of C$320 million in Q4, a 112 percent rise from a year ago.
Financially, Teck’s profit from continuing operations before taxes reached C$256 million for the quarter, while adjusted profit from continuing operations attributable to shareholders was C$232 million, or C$0.45 per share.
The company also reported a significant strengthening of its financial position.
Liquidity stood at C$11.3 billion as of Wednesday (February 19), including C$7.1 billion in cash. Teck also reduced its debt by C$196 million in the fourth quarter and by C$1.8 billion over the full year.
Price talks tariffs and Glencore collaboration
As the US continues to consider 25 percent tariffs on Canada, Price assured investors that the proposed levies, which remain on hold until at least March 4, would have minimal impact on Teck’s core business.
"Globally, we are witnessing a period of significant economic uncertainty and change that will alter trade flows and potentially impact global supply chains and market dynamics," he said in a conference call.
"Teck has a resilient business driven by the diversification of our products and operations," he added.
Price also noted that the company exports the bulk of its copper and zinc concentrates to Asia and Europe, shielding it from the most significant effects of the proposed tariffs.
BC Premier David Eby has urged the US to reconsider its tariff stance, pointing to Teck’s Trail smelter, which is located in the province, as a crucial supplier of rare and strategic metals.
"If the United States doesn’t get this metal from the Teck smelter in Trail, it’s not available at all," he said in January.
Teck’s Trail refinery produces zinc, lead and specialty metals such as germanium and indium, which are used in advanced electronics and military applications.
In the same conference call, Price expressed openness to a collaboration with Swiss mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF). Glencore previously attempted a full takeover of Teck in 2023, but ultimately acquired only its coal business. Now discussions have emerged around a possible partnership in Chile, where Teck’s Quebrada Blanca mine and Glencore’s Collahuasi mine operate in close proximity.
Teck owns 60 percent of Quebrada Blanca, which recently underwent an expansion. While it is now up and running, it faced cost overruns and operational challenges during its ramp-up phase.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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