QB矿尾矿设施问题持续发酵，Teck两度下调铜产量指引

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

QB矿尾矿设施问题持续发酵，Teck两度下调铜产量指引

2025-10-09 09:41:29 来源：北方有色网责任编辑：韩泽楷

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由于智利Quebrada Blanca(QB)矿和加拿大Highland Valley Copper(HVC)矿持续面临挑战，Teck Resources下调了其2025年铜产量预期。该公司于9月同意与Anglo American达成价值530亿美元的合并协议，并强调该交易的战略依据保持不变。

Teck报告称，其第三季度QB铜产量为39,600吨，销量为43,900吨。由于延长停产时间以提高尾矿坝坝顶高度，QB的2025年产量指导值已从21万至23万吨下调至17万至19万吨。2026年的预测产量也从之前的28万至31万吨下调至20万至23.5万吨。

公司表示，持续的尾矿管理设施(TMF)开发将继续制约产量，并导致到2025年，特别是第三季度选矿厂的停工时间进一步延长。目前预计2025年净现金单位成本在每磅2.65美元至3.00美元之间，高于此前预测的2.25美元至2.45美元。随着产量提升，预计2026年成本将降至每磅2.25美元至2.70美元。

Teck补充说明，由于TMF的持续建设和2026年的计划停工，QB的优化工作预计将提升5-10%的产量，但将推迟至2027-2028年之后。公司警告，如果改善排砂或加速TMF建设的举措未达预期，2026年和2027年的生产可能面临进一步干扰。

长期以来，QB矿一直是Teck增长计划的核心项目，但自大规模检修后，该矿持续遭遇困难，预算超支超过80%，且进度落后多年。除成本超支外，该项目还面临矿坑与工厂稳定性问题、装船机故障以及废料存储挑战。

位于不列颠哥伦比亚省的Highland Valley Copper铜矿，因矿石品位下降及维护工作影响，Teck将其2025年铜产量预期从13.5万至15万吨下调至12万至13万吨。公司表示，其余资产的表现预计与先前预测基本一致。

英美资源集团在另一份声明中表示，“完全支持”Teck的最新展望，并称这些调整与其全面运营审查结果相符。该矿业巨头重申，合并的战略依据(包括协同效应估算和时间表)保持不变。

英美资源还支持Teck对QB项目提升采取的更谨慎态度，并指出其自身技术和项目交付团队在秘鲁Quellaveco项目调试期间成功应对过类似挑战。

尽管QB矿的扩张进度放缓，但Teck坚持认为该矿的潜力“依然稳固”，且通过与英美资源旗下邻近的Collahuasi矿协同，可释放额外价值。

Anglo American重申了合并预期：将使QB和Collahuasi的年均EBITDA增加14亿美元，同时带来8亿美元的持续性协同效益，从而打造一家更强大、更具韧性的铜生产商。

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QB矿尾矿设施问题持续发酵，Teck两度下调铜产量指引

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