Teck Resources defers major project approvals; shares rise

Shares of copper miner Teck Resources TECKb.TO gain 3.3% at C$47.81

Company says it will defer approval of major growth projects until its Quebrada Blanca Phase 2 (QB2) mine in Chile achieves steady operations and ramp-up targets as part of a company-wide review

Co says review started in August, expects to conclude it by October and will provide an updated forecast by its third-quarter results

"We view the announcement as potentially positive given the adoption of industry experts, management changes and deferral of growth projects," - TD Cowen

However, RBC Capital Markets analysts said while the changes could improve operational performance, "they create uncertainty until the October guidance update"

Including session moves, stock down 20.6% YTD