Canadian metals miner Teck Resources has published its financial results for the second quarter of 2025, having recently approved the construction of a major life extension of its Highland Valley copper project in British Columbia.
The company’s revenue in the reporting quarter amounted to $2 billion, compared to $1,8 billion in the same quarter a year earlier. Adjusted EBITDA of $722 million was slightly higher than the same period last year, primarily driven by improved profitability from its Trail mine, but partly offset by lower copper and zinc prices.
Just recently, Teck’s board has sanctioned the Highland Valley mine life extension to 2046 which would cost $2.1 - $2.4 billion. Construction is expected to begin in August following the receipt of the environmental assessment certificate and permits in June. With the extension complete, copper output at the project is expected to average 132 000 tonnes per year.
"This quarter marked a significant milestone in the growth of Teck's copper production into the future, with regulatory approval and Board sanction for construction of the Highland Valley Copper Mine Life Extension project," said Jonathan Price, the company’s president and CEO.
“This extension of Canada’s largest copper mine, Highland Valley, is foundational to our strategy to double copper production by the end of the decade.”
Teck has updated its earlier guidance for capital expenditures and production to reflect the impact of the Highland Valley extension. 2025 copper output is now seen at 470,000 - 525,000 tonnes, from 490,000 - 565,000 tonnes previously. CAPEX guidance was up to $940 - $1,010 million, from $600 - $670 million previously.
Theodor Lisovoy, Managing Editor, Rough&Polished
