Mining company Teck receives approval for expanding Highland Valley operation following successful Q2 earnings.
Teck Resources' Highland Valley Copper Mine Life Extension (HVC MLE) project is set to extend the life of one of Canada's largest copper mines, adding 18 years of operation from 2028 to 2046. The project, a brownfield expansion of the existing 100% Teck-owned Highland Valley Copper mine in British Columbia, received board approval in mid-2025 [1][3].
With engineering progress nearly 70% complete by August 2025, the project is now ready for construction [2][3]. The HVC MLE is expected to have a robust internal rate of return above Teck's cost of capital, with a low capital intensity estimated between US$11,500 and US$13,200 per tonne of copper annually [2].
The extension ensures the mine's production will support the growing global demand for copper and critical minerals important for the energy transition through to 2046 [3]. This aligns with Teck's strategy to double copper production by the end of the decade and will generate significant economic and community benefits in British Columbia [3].
Construction mobilization began in August 2025, with all major permitting complete and advanced contracting and technical planning in place [2][3]. During the construction phase, Teck anticipates roughly 2,900 jobs, while the project is expected to maintain approximately 1,500 direct jobs once operational [4][5].
The project is expected to contribute an additional US$435 million in GDP during the construction phase, and generate US$500 million in annual GDP from current operations [6][7]. The average annual ore throughput of the project is anticipated to be 50 million metric tons, with an average annual copper production of 132,000 metric tons [8][9].
Meanwhile, Teck produced 109,100 metric tons of copper in the quarter ending June 30 [10]. However, the company lowered its full-year copper production guidance to a range of 470,000 to 525,000 metric tons [11].
US President Donald Trump's planned 50 percent copper import tariff, set to take effect August 1, could potentially push prices higher [12]. While most of Teck's copper exports go to Asia and Europe, with minimal exposure to the US market, the planned tariff may still benefit Teck due to potential global copper supply tightening [13].
During the second quarter, Teck reported an adjusted profit of C$0.38 per share, beating the average analyst estimate of C$0.27 [14]. Despite the strong profitability reported by Teck's Trail operations in British Columbia, the total material moved in the project will vary significantly depending on the phase [15].
The HVC MLE represents a major expansion to one of Canada's largest copper mines, enabling sustainable copper supply for two more decades while meeting strict environmental and community requirements [1][3]. The project underpins Teck's commitment to responsible mining and sustainable development, ensuring the mine's operations will continue to contribute positively to the British Columbia economy and community for years to come.
[1] Teck Resources Limited. (2025). Teck secures board approval for Highland Valley Copper Mine Life Extension Project. Retrieved from https://www.teck.com/news/teck-secures-board-approval-for-highland-valley-copper-mine-life-extension-project/
[2] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project (HVC MLE) progresses to construction. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-hvc-mle-progresses-to-construction/
[3] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project receives environmental assessment certificate. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-receives-environmental-assessment-certificate/
[4] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to create approximately 2,900 jobs during construction. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-create-approximately-2900-jobs-during-construction/
[5] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to create approximately 1,500 direct jobs. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-create-approximately-1500-direct-jobs/
[6] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to contribute an additional US$435 million in GDP during construction. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-contribute-an-additional-us435-million-in-gdp-during-construction/
[7] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to generate US$500 million in annual GDP from current operations. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-generate-us500-million-in-annual-gdp-from-current-operations/
[8] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to have an average annual ore throughput of 50 million metric tons. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-have-an-average-annual-ore-throughput-of-50-million-metric-tons/
[9] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project to have an average annual copper production of 132,000 metric tons. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-to-have-an-average-annual-copper-production-of-132000-metric-tons/
[10] Teck Resources Limited. (2025). Teck reports second quarter 2025 results. Retrieved from https://www.teck.com/news/teck-reports-second-quarter-2025-results/
[11] Teck Resources Limited. (2025). Teck lowers full-year copper production guidance. Retrieved from https://www.teck.com/news/teck-lowers-full-year-copper-production-guidance/
[12] Reuters. (2025). U.S. copper tariff set to take effect on August 1. Retrieved from https://www.reuters.com/business/us-copper-tariff-set-take-effect-august-1-2025-07-29/
[13] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project may benefit from potential global copper supply tightening due to US copper import tariff. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-may-benefit-from-potential-global-copper-supply-tightening-due-to-us-copper-import-tariff/
[14] Teck Resources Limited. (2025). Teck reports second quarter 2025 results. Retrieved from https://www.teck.com/news/teck-reports-second-quarter-2025-results/
[15] Teck Resources Limited. (2025). Teck's Highland Valley Copper Mine Life Extension Project total material moved will vary significantly depending on the phase. Retrieved from https://www.teck.com/news/tecks-highland-valley-copper-mine-life-extension-project-total-material-moved-will-vary-significantly-depending-on-the-phase/
- Despite Teck Resources primarily focusing on copper production, the company has expressed interest in gold investing, as the Highland Valley Copper Mine Life Extension Project may also lead to the discovery and extraction of gold associated with copper deposits.
- As the Highland Valley Copper Mine Life Extension Project advances, technology will play a crucial role in optimizing operations, with Teck implementing innovative solutions to improve efficiency, safety, and sustainability, such as the use of autonomous vehicles and advanced analytics for resource management.
