Canadian miner Teck Resources lowered its annual copper production guidance by as much as 17pc, driven by a 12pc drop in its Quebrada Blanca copper guidance.
Teck expects to produce 470,000-525,000 metric tonnes (t), off from its prior guidance of 490,000-565,000t.
The miner also lowered its Quebrada Blanca guidance from 230,000-270,000t to 210,000-230,000t.
Teck continued to ramp up production at Quebrada Blanca in Chile but had tailings constraints and required repairs this year that led to mill downtime.
The company's copper production increased at three of its four copper assets in the quarter. Still, copper output fell by an expected 45pc at Antamina in Peru, pushing Teck's overall copper production slightly down to 109,000t in the second quarter compared to 110,000t in the same quarter last year.
Copper sales also decreased in the quarter, slightly falling to 102,000t, down by 2pc from 104,000t in the second quarter of the previous year.
Teck plans to continue its copper production at its Highland Valley copper project in British Columbia, extending the mine life from 2028 through to 2046. The company received environmental approval from provincial government for the expansion on 17 June.
Zinc in concentrate production was up to 169,000t, up by 11pc from the same quarter of 2024 while refined zinc production decreased 22pc to 51,000t.
Teck's revenue increased to C$2bn ($1.5bn) in the second quarter, up 13pc in the same quarter last year.
Profits narrowed to C$101mn from C$385mn.
