Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) will continue mining copper at its Highland Valley mine in British Columbia until 2046, adding about 18 years to the life of the project to feed growing demand for the red metal.
The decision announced in a statement Thursday, caps years of discussions on prolonging activity at the site beyond 2028. The extension project will cost between $2.1 billion and $2.4 billion.
The total capital investment represents the largest critical minerals investment in British Columbia history.
Teck said the worlds biggest miners are trying to boost copper production with the global energy transition set to stretch supplies from aging mines in the coming decade. This extension of Canadas largest copper mine, Highland Valley Copper, is foundational to our strategy to double copper production by the end of the decade, said Teck President and CEO Jonathan Price.
Tecks Class B common shares edged down 4.06% or $2.13 to $50.36 on Wednesday. The shares trade in a 52-week range of $72.92 and $40.23.
Vancouver-based Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline.
The Highland Valley Copper operations are located approximately 17 kilometres west of Logan Lake, and about 50 kilometres southwest of Kamloops, B.C. Teck has 100% interest in the operations.
Highland Valley produces both copper and molybdenum concentrates through autogenous and semi-autogenous grinding and flotation. Once processed, the metal concentrates are exported overseas, where the majority is sold under long-term sales contracts to smelters.
Highlights of the extension plan include average copper production of 132,000 tonnes per year over the life of the mine.
The project is expected to generate approximately 2,900 jobs and $435 million in additional GDP during the construction phase of the project, while maintaining the approximately 1,500 direct jobs and $500 million in annual GDP from HVC (Highland Valley Copper) operations.
Teck said it is positioned for solid execution with a strong and experienced team in place, all major permitting complete, engineering nearly 70% complete and contracting and procurement well advanced.
The environmental assessment certificate and required permits for (HVC Mine life Extension) HVC MLE were issued in June 2025 and construction is set to commence in full in August, 2025. The project consists of upgrades and increased capacity requirements for the mine life extension and mine pushback that requires additional waste-stripping to access high-quality ore within the Valley Pit.
The capital is expected to be invested from the second half of 2025 through 2028. This capital investment includes the development of site infrastructure and facilities, expansion of the mine fleet, grinding circuit upgrades, increased tailings storage capacity and enhancements to power and water systems.
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