06:04 AM EST, 11/05/2024 (MT Newswires) -- Teck Resources was at last look up 1.7% in US premarket after saying overnight Monday that on Nov. 5 at its strategy day it will present its strategy for generating value for shareholders and stakeholders and lay out the company's investment pathway to grow copper production to 800,000 tonnes per year before the end of the decade.

"Teck is uniquely positioned in our industry, with the ability to deliver transformative near-term copper growth while simultaneously returning significant cash to shareholders," said Jonathan Price, president and CEO. "We are executing on a disciplined strategy to grow copper production by advancing our portfolio of lower capital intensity, high-returning projects in stable jurisdictions."

Price and members of the executive leadership team will provide details on the company's s performance and strategy for energy transition metals growth, including: near-term growth supported by one of the strongest balance sheets in the sector, enabling the company to fund growth while continuing to return cash to shareholders. This in turn will include $2.3 billion of debt reduction year-to-date 2024, and current net cash position of $1.8 billion; an $5.3 billion returned to shareholders since 2019, including more than $0.9 billion in share buybacks so far in 2024, with a further $2.3 billion of authorized buybacks ongoing.

Teck also cited planned investment in the range of US$3.2 to US$3.9 billion over 4 years to develop four key near-term copper projects is expected to increase copper production to about 800 kilotonnes per annum (ktpa). It added thiis growth pathway builds on significant copper growth achieved to-date, with copper production increasing from 297 kilotonnes (kt) in 2023 to a potential 420-455 kt in 2024 and 510-590 kt in 2025.

"We are focused on disciplined allocation of capital that balances value-accretive growth with continued cash returns to shareholders, all while maintaining a strong balance sheet through market cycles," said Price.