Teck Resources Achieves Record Copper Production in Q4 2023

The mining giant reports a significant profit increase and advances in its strategic shift towards copper, amid awaiting regulatory approval for its deal with Glencore.

• Teck Resources Ltd. reported a record copper production of 103,000 tonnes in the fourth quarter, marking a significant increase from the previous year.
• The company's profit attributable to shareholders rose to $483 million, up from $266 million a year earlier, driven by robust performance across its business units.
• Teck is in the process of selling its steelmaking coal business to Glencore for US$6.9 billion, aiming to focus more on copper and other critical minerals.
• The sale is currently undergoing regulatory approval, with expectations to close no later than the third quarter of this year.
• Teck's strategic shift aligns with the global transition to green energy, leveraging copper's essential role in electrical wiring, wind turbines, solar panels, and electric vehicles.

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