Teck Resources cuts copper production guidance at flagship Chilean mine QB

Oct 8 (Reuters) - Canadian miner Teck Resources Limited TECKb.TO on Wednesday cut the copper production forecast at its flagship Quebrada Blanca (QB) mine in Chile through 2028, following a company-wide operations review and its merger with Anglo American AAL.L.

Teck shares were trading up by 2% at the Toronto Stock Exchange on Wednesday morning.

Its 2026 copper output guidance was now 200,000 to 235,000 metric tons, down from 280,000 to 310,000 tons previously. Teck also nearly halved molybdenum production guidance to 2,800 to 3,400 tons from 6,400 to 7,600 tons. For 2025, Teck revised the copper production guidance to 170,000 to 190,000 tons from 210,000 to 230,000 tons.

Copper production is now expected at 240,000 to 275,000 tons in 2027 and 220,000 to 255,000 tons in 2028, down from previous forecasts of 280,000 to 310,000 tons and 270,000 to 300,000 tons respectively.

The guidance cuts were mostly due to a tailings issue that relates to the disposal of mine waste, which weighed on the company's shares after it missed production forecasts.

In September, Teck said it had agreed to merge with London-listed Anglo American in a $53 billion deal.

Anglo said on Wednesday that while the outcome of Teck's review was not known at the time, it was broadly consistent with its independent due diligence and analysis.

In an analyst note, Jefferies said that the new update to production and cost guidance should make the Anglo nil premium merger more appealing to Teck's shareholders and make it more likely that this merger gets done without Anglo having to bump.