Canada's Teck Resources approves Highland Valley copper mine life extension through 2046
The Highland Valley Copper Mine Life Extension project is expected to support average copper production of 132,000 metric tonnes per year over the life of the mine, the company said in a statement.
"This extension of Canada's largest copper mine is foundational to our strategy to double copper production by the end of the decade," CEO Jonathan Price said.
"Given the strong demand for copper as an energy transition metal, the project will generate a robust IRR and secure access to this critical mineral for the next two decades."
Last October, Teck trimmed its full-year copper production forecast, citing mining delays and labour challenges at Highland Valley Copper mine.
The life extension project, set to begin in August, would maintain approximately 1,500 direct jobs and is expected to create around 2,900 jobs during the construction phase, the company said.
The capital cost of the project is estimated at C$2.1 billion ($1.54 billion) to C$2.4 billion ($1.76 billion) and will be invested from the second half of 2025 through 2028, the company added.
The mine's life was previously projected to run through 2028 before the extension project was approved.
($1 = 1.3602 Canadian dollars)
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