Canadian copper and zinc miner Teck Resources CEO Jonathan Price has moved to assure investors that the company remains well positioned, despite potential trade tariffs that may be imposed by the US under President Donald Trump’s policies.

Speaking during an investor call on Thursday, Price acknowledged the economic and political uncertainty currently shaping global trade flows and supply chains. However, he maintained that Teck’s outlook for its core commodities – copper and zinc – remained strong, driven by factors such as urbanisation, electrification and digital economic growth.

While Teck was monitoring the “fluid and rapidly evolving” trade situation between the US and Canada, Price said any tariffs imposed would not materially impact on the company’s business.

Teck’s copper and zinc concentrate sales are primarily directed to Asia and Europe, rather than the US market. However, the company does sell refined zinc, lead, and specialty metals, including germanium, indium, and sulphur products, into the US.

“In the event that tariffs are imposed, we expect trade flows to adjust,” Price said, adding that these specialty metals comprised less than 15% of Teck’s revenue. He noted that Teck remained resilient owing to its diversified product portfolio, strong commercial strategy, and robust balance sheet.

Price reaffirmed Teck’s ability to adapt to changing market conditions, stating that the company was actively monitoring developments and engaging with customers. “We have a strong commercial strategy and logistics network that allows us to quickly pivot as needed,” he said.

Price reiterated Teck’s commitment to shareholder value creation, highlighting the ongoing ramp-up of its Quebrada Blanca Phase 2 (QB) project in Chile. Operational excellence and cost discipline across its copper and zinc operations remained key priorities for the company in 2025 and beyond, he stated.

During 2024, Teck repositioned as a pure-play energy transition company, having sold the steelmaking coal business to Glencore and reporting record yearly copper output.

The company reported copper production of 446 000 t in 2024, up 50% from 2023, supported by the ramp-up of QB. Teck expects its 2025 copper production to further increase to between 490 000 t and 565 000 t as QB continues to ramp-up.

In terms of copper growth, Teck remains focused on advancing near-term projects, including the Highland Valley Copper Mine Life Extension in British Columbia, Zafranal, in Peru, and San Nicolás in Mexico. These are up for potential sanction decisions in 2025.

“We continue to focus on the organic growth in the business because we see that as being the most value-accretive path for our shareholders. We are, of course, very aware of the M&A activity in the sector that is spoken about. But from Teck’s perspective, our focus remains creating as much value as we can for our shareholders, and we believe that the projects we have in the portfolio are a great way to achieve that,” said Price.

He said both Zafranal and San Nicolas were in strong positions and attractive options. “Ultimately, the economics of those projects, the progress of the other permits that are required to actually take a project through into execution, and the completion of the right level of engineering work that needs to be done prior to sanction will determine which of those projects is up for sanction first.”