The share price of Teck Resources Ltd. took a hit Thursday as the Canadian mining company announced it is once again lowering its full-year forecast for copper production.

Vancouver-based Teck said it now expects 2024 copper production from all its properties to amount to between 420,000 and 455,000 tonnes, down from an earlier forecast of 435,000 to 500,000 tonnes.

That previous forecast, which dates from July, was in itself a downgrade from Teck’s initial copper production estimate for 2024 of 465,000 to 540,000 tonnes.

Teck also lowered its 2025 production forecast for its flagship Quebrada Blanca mine in Chile, saying it now expects copper production from the site next year to be between 240,000 and 280,000 tonnes, compared to a previously indicated range of 280,000 to 310,000 tonnes.

As of mid-day trading Tuesday, Teck shares were down more than five per cent. On a conference call, CEO Jonathan Price aimed to assure analysts that the company is confident its revised guidance will stick.

https://www.thestar.com/business/teck-resources-share-prices-falls-as-miner-lowers-copper-production-forecast-again/article_09aec879-0a0f-5308-b304-7472177eb17d.html