Teck Resources, Canada's largest diversified miner, said its coal mine operations in 2023 improved and performed quite well in the fourth quarter, resulting in the production of coal surpassing its annual guidance.

The company produced 6.4 million tonnes of coking coal during October-December period, and sold 6.1 million tonnes. This added yearly production to 23.7 million tonnes, higher than the guidance of 23-23.5 million tonnes.

Teck estimated coking coal production for 2024 at around 24-26 million tonnes, and would remain around such level during 2025-27.

But the company's production of base metals fell short of guidance given a number of challenges faced by mine operations through 2023.

Copper production came to 296,500 tonnes, while its guidance for the year had been 320,000-365,000 tonnes. The production and sales in the fourth quarter were at 103,500 tonnes and 101,200 tonnes, respectively.

Production was impacted by a slower ramp-up at the QB2 operation in Chile, which was plagued with cost overruns, and by a geotechnical fault at its Highland Valley copper operation in British Columbia that has now been stabilized.

Zinc in concentrate production of 644,000 tonnes was marginally below the low end of guidance of between 645,000 and 685,000 tonnes as a result of weather-related issues in the first quarter and equipment failures at the Red Dog mine, Teck said in the statement.

Refined zinc production of 266,600 tonnes was below guidance of between 270,000 and 290,000 tonnes due to weather-related impacts in the first quarter as well as concentrate supply issues in the third quarter and beginning of the fourth quarter, it added.

(Writing by Rebecca Liu  Editing by Harry Huo)
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