Shares of Canadian miner Teck Resources Ltd plunged over 5% in pre-market trading on Tuesday after the company lowered its copper production guidance for 2024 due to operational issues and delays at its mines in Canada and Chile.
In its third-quarter results, Teck scaled back its annual copper output forecast to 420,000-455,000 tonnes from the previous 435,000-500,000 tonnes range. The reduced guidance reflects delays in mining at the company's Highland Valley Lornex pit in British Columbia caused by labor shortages and challenges with the autonomous systems for new haul trucks.
Teck also trimmed the upper end of its production target for the Quebrada Blanca mine in northern Chile to 200,000-210,000 tonnes, down from up to 235,000 tonnes expected earlier. The company cited ongoing work to improve copper recovery and equipment reliability that will extend into the first half of 2025.
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