Teck board approves $2.4B expansion of Highland Valley Copper

[Redator]

Teck Resources’ (TSX: TECK.A, TECK.B)(NYSE: TECK) board has approved a C$2.1–C$2.4 billion ($1.6 -$1.8 bn) project to extend the life of its Highland Valley Copper Mine (HVC) in British Columbia, securing operations at Canada’s largest copper mine into the mid-2040s.

Construction on the mine life extension (MLE) is set to begin in August. The Vancouver-based miner expects the expansion to support average annual production of 137,000 tonnes of copper through the remainder of the mine’s life.

“This extension is foundational to our strategy to double copper production by the end of the decade,” President and CEO Jonathan Price said. “Given the strong demand for copper as an energy transition metal, the HVC MLE will generate a robust internal return rate (IRR) and secure access to this critical mineral for the next two decades.” 

The board’s green light follows B.C.’s approval of the project’s environmental assessment certificate last month.

The project includes a major pushback of the Valley pit to access higher-grade ore, along with infrastructure upgrades: expanded mine fleet, grinding circuit enhancements, increased tailings capacity, and improved power and water systems.

Teck says the project will create roughly 2,900 construction jobs and support 1,500 ongoing roles once operational. Price also emphasized the project’s role in strengthening Canada’s critical minerals sector and stimulating economic activity in the region.

The fresh capital estimate reflects current construction risks, inflation, potential impact of tariffs, and early procurement of mobile equipment. It includes built-in contingencies and opportunities for cost optimization as work progresses, Teck said.

The HVC expansion forms part of Teck’s broader $3.9 billion investment plan to boost copper output to 800,000 tonnes annually by 2030.