Raging Wildfires Shut Down Teck Resources (NYSE:TECK) Copper Mine

Growing wildfires in British Columbia continue to create complications for everyone in the region. High winds continue to fan the flames of massive blazes in southern and Interior BC. Those fires have prompted evacuations for hundreds of properties and several highway closures. 

Teck Resources (NYSE:TECK), Canada’s largest diversified miner, is also feeling the heat after the District of Logan Lake issued an evacuation order. As a result, the company has had to close its Highland Valley copper mine. The closure of the mine means all workers except employees essential for ensuring safety and environmental protection have been evacuated now. The company will continue to monitor the situation closely but sees no risk to its infrastructure in the region so far. 

This delay could ultimately have an effect on production, but of course, this is dependent on the length of the evacuation order. In the meantime, Teck is not standing by idly. The company has already donated C$!50,000 to support all of the British Columbia wildfire relief efforts, with an additional $100,000 going to the Canadian Red Cross, and $50,000 going to the Society for the PRevention of Cruelty to Animals. 

Teck employees have pooled their resources and have donated to the causes, with the company matching the $25,000 they raised.

This is nothing new for the company and the province, as wildfires continue to rage. Evacuations and significant quantities of smoke have now been a regular feature of the landscape for some time now in 2021. Smoke from these wildfires has been getting in the way of the company’s operations, primarily because of low air quality. 

The low air quality is an untenable condition for the mining company and shut down the oxygen plant, which is needed for production at Teck’s metallurgical plant. As the fires continue to burn and firefighters do all they can to stop them, the company has indicated that it will provide any updates to production guidance if it is needed when the smoke clears.

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

If you would like to receive our free newsletter via email, simply enter your email address below & click subscribe.

MOST ACTIVE MINING STOCKS

 Daily Gainers

 Minsud Resources Corp. MSR.V +65.71%
 Hudson Resources Inc. HUD.V +56.25%
 Audalia Resources Limited ACP.AX +45.45%
 Ironbark Zinc Ltd. IBG.AX +23.91%
 Enterprise Metals Limited ENT.AX +23.08%
 Helix Resources Ltd. HLX.AX +22.22%
 Hannans Reward Ltd. HNR.AX +20.00%
 Golden Queen Mining Co. Ltd. GQM.TO +20.00%
 Barra Resources Ltd. BAR.AX +19.23%
 Promithian Global Ventures, Inc. PGVI +18.33%

Download the latest Solaris Resources (SLSSF) Investor Kit

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

MiningFeeds will use the information you provide on this form to be in touch with you and to provide updates and marketing.