Teck sinks millions into Highland Valley Copper

Profit and production at mine near Kamloops are low

  • Oct. 26, 2017 3:41 p.m.

—- Kamloops this Week

Teck Resources is spending $72 million on a new ball mill at Highland Valley Copper so it can increase efficiency as it mines poorer grades of ore.

Teck released third-quarter financial statements Thursday showing revenues, profit and production are all lower at the mine about 40 kilometres southwest of Kamloops.

The B.C.-based mining firm reported an overall profit of $621 million, up about four times from the same quarter last year. But Highland Valley was a lowlight as copper production declined due to lower grades. The corporation said grades are expected to increase slightly next year.

The mine recently signed a new contract with United Steelworkers that resulted in a one-time cost of $13 million to pay for signing bonuses of $12,000 per worker.

Teck estimates Highland Valley lost $42 million in the first nine months of the year, compared to a $94-million profit during the same period last year.

Teck said the $72-million capital project to install an additional ball mill will increase mill throughput and copper recovery.

Just Posted

Tough loss for Stampeders in weekend hockey action

The Williams Lake Stampeders took a devastating loss to the Quesnel Kangaroos on Saturday night

VIDEO: Charlie the court support dog

Penny Stavast and her dog Charlie are training to comfort people when they need it most

Stroke of brilliance

Williams Lake Blue Fins swimmers competed in their first swim meet in nine months

Safe ride home

Operation Red Nose program kicks off Nov. 24 in Williams Lake

Dance of a lifetime

A leap in the right direction for a young dancer from Williams Lake with a big dream

VIDEO: Rare comic showing Superman’s 1st appearance to be auctioned

The 1938 comic features Superman hoisting a car over his head

B.C. reporter reflects on covering Charles Manson

Charles Manson, leader of a murderous cult, died on Sunday at 83

ICBC overbilling for crash repairs not the problem, dealers say

Collision repair shops reject union claim of inflated costs

B.C. groups to address child sex abuse in sports

viaSport is organizing a full day of education in association with Canadian Centre for Child Protection and the Coaching Association of Canada.

Report sets exercise guidelines for young kids, including ‘tummy time’ for babies

Kids aged one to four should get at least three hours of physical activity throughout the day

Stampeders return to Grey Cup with 32-28 win over Edmonton Eskimos

The Stampeders will face the Toronto Argonauts next Sunday in Ottawa for the title

Nebraska approves TransCanada’s Keystone XL pipeline

Nebraska’s Public Service Commission approved TransCanada’s Keystone XL route in a close vote

B.C. VIEWS: China a better partner than U.S.

B.C. is slowly winning the softwood lumber war

Forecast calls for a snowy Canadian winter

Canadians told to brace for a ‘classic’ Canadian winter with lots of snow

Most Read