Canadian miner Teck Resources is deferring major growth projects until its Quebrada Blanca copper mine in Chile reaches target output. The company appointed Daniel Malchuk as a special advisor to CEO Jonathan Price to improve operational performance. Teck’s shares rose 3.7% on the Toronto Stock Exchange in response to the news.

Teck initiated a company-wide operations review in August to enhance performance. The review is set to conclude by October, with updated forecasts in the third-quarter results. Despite challenges at the QB mine, Teck will continue with the Highland Valley Mine extension project in Canada. RBC Capital Markets warned of potential production drag until 2026 due to tailings issues.

The Quebrada Blanca mine in Chile is Teck’s flagship operation, indirectly owned by the company. Analysts at RBC Capital Markets anticipate a negative market reaction to the operational review and management changes, citing uncertainty until the October guidance update. Teck’s review follows the sale of its steel-making coal business to Glencore last year.

Teck Resources has undertaken a comprehensive review of its operations, appointing new leadership and deferring major projects until the Quebrada Blanca mine stabilizes. The company aims to enhance performance and address tailings issues that have impacted production. Teck’s strategic decisions aim to improve operational efficiency and drive long-term growth.

Read more at Yahoo Finance: Copper miner Teck defers major project approvals amid operations review