Quebrada Blanca

Quebrada Blanca (QB) is a large open-pit copper-molybdenum mine in the Tarapacá Region of northern Chile. Teck holds a 60% indirect interest in QBSA; Sumitomo Metal Mining / Sumitomo Corporation hold 30%, with Codelco (10%, non-funding preference share). Commercial production commenced in March 2024. 2025 throughput was constrained by the pace of tailings management facility (TMF) sand-wedge development; from 2027 onward TMF is expected to no longer constrain production. A study to debottleneck plant throughput to 165-185 ktpd is underway with a DIA permit application not expected before end-2026. The proximity to the Collahuasi operation underpins potential US$1.4B annual EBITDA uplift from integration. 2025 Q4 grades averaged 0.59% Cu; recoveries within plan. Shiploader (port facility) repairs completed end-January 2026.