08:48 AM EST, 11/05/2025 (MT Newswires) -- Deutsche Bank in a note published Tuesday noted the first day of TECK's two-day site trip to the QB copper mine in Chile included presentations from the CEO, CFO, local operational and technical teams, and a visit to the Integrated Operations Centre in Santiago. Today, Wednesday, everyone will visit the QB mine, plant and Tailings Management Facility (TMF).

In Tuesday's note, the bank said in sum the local management team are confident that they can overcome the tailings dam constraints by second half 2026 and added the new multi-year guidance issued in early October sets a "realistic bar", in its view. "Given the poor operational track record at QB, the market will wait for evidence of improvements before giving Teck credit for longer term targets, but the company still believes that copper production at the mine can be expanded to more than 300 kpa, over 20% above 2028 guidance."

Deutsche Bank is Buy rated on Teck and continues to view the Anglo Teck merger as a "compelling transaction due to the synergies on offer, volume growth and through the creation of a leading, high-quality copper major."