Teck Resources Withdraws Environmental Permit Application for Quebrada Blanca Copper Mine Expansion in Chile

Teck Resources, a Canadian mining company, has decided to withdraw its environmental permit application for expanding the mill at its Quebrada Blanca copper mine in Chile. This move is part of Teck’s larger plans for expanding its operations.

The company made this decision in order to give itself more time to consider the feedback from regulators, gain a better understanding of the full capability of Quebrada Blanca, and submit a revised permit application. If a revised application is submitted, it will extend the regulatory process by approximately 12 months from the date of submission. Teck does not anticipate a decision on the mill expansion until after the operation is fully ramped up and an assessment of the existing asset’s full capability is completed, along with obtaining regulatory approval.

The proposed mill project would be a significant expansion of the mine, going beyond Teck’s flagship phase two project. It aims to increase throughput by utilizing existing tailings and other infrastructure.

Teck, which previously declined a takeover offer from Glencore, stated on Tuesday that the cost for its Quebrada Blanca Phase 2 project is now projected to be between $8.6 billion and $8.8 billion. This is higher than its previous estimate of $8 billion to $8.2 billion.

QB2, a cornerstone of Teck’s strategy to become a major copper producer and reduce its dependence on steelmaking coal, has faced delays. The construction of the QB2 molybdenum plant is now expected to be completed by the end of this year, while the offshore port facilities are expected to be finished in the first quarter of 2024. Teck achieved its first bulk copper concentrate production at QB2 earlier this year.