Teck Provides Update on QBME Regulatory Application
October 24 2023 - 1:00PM
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK)
(“Teck”) noted that today, following recent receipt of feedback
from regulators, it has withdrawn the environmental permit
application for the Quebrada Blanca Mill Expansion (“QBME”) project
to allow time to consider this feedback, better understand the full
capability of QB, and submit a revised permit application.
This is part of the ongoing regulatory process, and withdrawing
now will allow time to incorporate regulatory feedback and to
further optimize the scope of the project. Submission of a
revised application would add approximately 12 months to the
overall regulatory process from the date of submission. Teck does
not anticipate a sanction decision on QBME prior to completion of
ramp up and assessment of the full capability of the existing QB
asset and receipt of regulatory approval.
The QBME project is a proposed future expansion which would
increase QB’s throughput, leveraging existing tailings and other
infrastructure with minimal additional footprint.
Forward-Looking StatementsThis press release
contains certain forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995
and forward-looking information as defined in the Securities Act
(Ontario). Forward-looking statements and information can be
identified by the use of words such as "expects", "intends", "is
expected", "potential" or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"should", "would", "might" or "will" be taken, occur, or be
achieved. Forward-looking statements include statements regarding
our expectations for and timing of the permitting and sanctioning
processes for the QBME project and expectations for and the ramp up
and assessment of the capability of the existing QB asset.
The forward-looking statements in this press release are based
on assumptions regarding our business, including our operational
and sustainability performance, and general economic conditions,
and assumptions that the QBME project is permitted, constructed,
sanctioned, commissioned, and operated in accordance with current
expectations and on the timeline currently anticipated, assumptions
that the current QB asset will continue to ramp-up and operate as
we currently expect; among other matters. Assumptions regarding QB
include current project assumptions, including those contained in
the final feasibility study. The foregoing list of assumptions is
not exhaustive. Forward-looking statements involve known and
unknown risks, uncertainties, and other factors, which may cause
the actual results, performance, or achievements to be materially
different from any future results. Factors that may cause actual
results to vary include, but are not limited to, our ability to
progress permitting as currently anticipated or at all, government
action or delays in the receipt of government approvals, inability
to address concerns regarding permits or environmental impact
assessments, inaccurate geological and metallurgical assumptions
(including with respect to the size, grade and recoverability of
mineral reserves and resources); unanticipated operational
difficulties (including failure of plant, equipment or processes to
operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, industrial
disturbances or other job action, adverse weather conditions,
unanticipated events related to health, safety and environmental
matters); labour disputes; changes in tax or royalty rates; impact
of COVID-19 and related mitigation protocols; political risk;
social unrest; and changes to or further deterioration in general
economic conditions; and other risk factors as detailed from time
to time in Teck's reports filed with Canadian securities
administrators and the U.S. Securities and Exchange Commission.
Certain of these risks are described in more detail in the
annual information form of Teck and in its public filings with
Canadian securities administrators and the U.S. Securities and
Exchange Commission. Teck does not assume the obligation to revise
or update these forward-looking statements after the date of this
document or to revise them to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
About TeckAs one of Canada’s leading mining
companies, Teck is committed to responsible mining and mineral
development with major business units focused on copper, zinc, and
steelmaking coal. Copper, zinc, and high-quality steelmaking coal
are required for the transition to a low-carbon world.
Headquartered in Vancouver, Canada, Teck’s shares are listed on the
Toronto Stock Exchange under the symbols TECK.A and TECK.B and the
New York Stock Exchange under the symbol TECK. Learn more about
Teck at www.teck.com or follow @TeckResources.
Teck Investor ContactFraser PhillipsSenior Vice
President, Investor Relations & Strategic
Analysis604.699.4621fraser.phillips@teck.com
Teck Media ContactChris StannellPublic
Relations Manager604.699.4368chris.stannell@teck.com
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