https://www.teck.com/news/news-releases/2022/teck-reports-unaudited-first-quarter-results-for-2022

We had an exceptional start to 2022 with continued high commodity prices driving record-setting financial results across our business. Our intention to repurchase a further US$500 million in Class B subordinate voting shares demonstrates both our confidence in the outlook for our business and our commitment to balance growth with shareholder returns,” said Don Lindsay, President and CEO. “This is a transformational year for Teck as we drive towards first copper at our QB2 project in the later part of the year, advance our copper growth strategy and further strengthen our existing high-quality assets through our RACE technology transformation program and sustainability strategy.”

Copper Growth

Teck continues to actively advance its industry-leading copper growth portfolio. The approach is driven by balancing growth and return of capital, value-focused de-risking and the optimization of funding sources.

After carefully assessing multiple configurations for the further expansion of QB beyond the construction of QB2, we have decided to pursue the next phase of development in the form of the Quebrada Blanca Mill Expansion (QBME) which will entail an increase in concentrator throughput of approximately 50%, with the addition of one identical, semi-autogenous grinding line. We believe this configuration optimizes the timeline to progress the development of this world-class orebody, while leveraging existing infrastructure to maximize capital efficiency. The QBME prefeasibility study, including all environmental baseline activities, is ongoing with completion targeted in the fourth quarter of 2022. QBME is expected to be a significant contributor to our near-term copper growth portfolio with first production targeted for 2026.

At Zafranal, for which a feasibility study has been completed, we received confirmation of SEIA admissibility and completed a comprehensive virtual public participation session in the first quarter of 2022. At San Nicolás, feasibility study work is ongoing with completion targeted in the second half of 2023. Partnering negotiations for San Nicolás are ongoing and first production is targeted for 2026. At Galore Creek, Fluor was appointed to undertake a prefeasibility study, which is ongoing with completion targeted in the first half of 2023. Strategic, technical and commercial assessments for the advancement of NuevaUnión, Mesaba and Schaft Creek are ongoing.