Teck Resources Limited (Teck): Analyse du Pestle [Jan-2025 Mise à jour]

Dans le monde dynamique de l'extraction des ressources, Teck Resources Limited se tient au carrefour des défis mondiaux et des solutions innovantes. Cette analyse complète du pilon dévoile le paysage complexe des défis et des opportunités qui façonnent la trajectoire stratégique de l'entreprise, explorant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux s'entrelacent pour définir l'écosystème commercial complexe de Teck. De la navigation sur les droits autochtones aux technologies miniers durables, Teck démontre une approche nuancée de la résilience des entreprises sur un marché mondial de plus en plus interconnecté et soucieux de l'environnement.

Teck Resources Limited (Teck) - Analyse du pilon: facteurs politiques

Le soutien du gouvernement canadien aux industries de l'extraction des mines et des ressources

En 2024, le gouvernement fédéral canadien fournit 500 millions de dollars d'incitations fiscales annuelles pour les industries de l'extraction des mines et des ressources. Natural Resources Canada rapporte un soutien direct à 250 millions de dollars spécifiquement pour les programmes d'exploration et de développement minéraux.

Mécanisme de soutien du gouvernement	Valeur annuelle
Incitations fiscales	500 millions de dollars
Programmes d'exploration minérale	250 millions de dollars
Subventions de recherche et développement	175 millions de dollars

Impact potentiel des droits autochtones et des allégations foncières

Les négociations actuelles de la réclamation des terres autochtones impliquent Environ 67 cas de différend territoriaux actifs dans les provinces canadiennes affectant les opérations minières.

• Colombie-Britannique: 23 revendications de terres autochtones actives
• Québec: 15 revendications de terres autochtones actives
• Ontario: 12 revendications de terres autochtones actives
• Alberta: 17 revendications de terres autochtones actives

Tensions géopolitiques affectant les investissements minières internationaux

Les tensions géopolitiques mondiales ont abouti à 1,2 milliard de dollars de risque d'investissement potentiel pour les projets miniers internationaux en 2024.

Région	Risque d'investissement
Amérique du Sud	450 millions de dollars
Afrique	350 millions de dollars
Asie-Pacifique	400 millions de dollars

Changements réglementaires dans les politiques de protection de l'environnement et de durabilité

Mandat des réglementations environnementales canadiennes 750 millions de dollars d'investissements annuels de conformité environnementale pour les sociétés minières.

• Objectifs obligatoires de réduction des émissions de carbone: 30% d'ici 2030
• Coûts de conformité de la gestion de l'eau: 125 millions de dollars par an
• Exigences du Fonds de remise en état et de réadaptation: 200 millions de dollars

Teck Resources Limited (Teck) - Analyse du pilon: facteurs économiques

Les prix des produits de base fluctuants

Au quatrième trimestre 2023, Teck Resources a connu des variations de prix importantes entre les principaux produits:

Marchandise	Prix ​​(USD / tonne métrique)	Changement de prix annuel
Cuivre	$8,475	+5.2%
Zinc	$2,375	-3.8%
Charbon métallurgique	270 $ / tonne	-12.5%

Impact de la reprise économique mondiale

Investissements en développement des infrastructures affectant la demande de matières premières:

• Les dépenses mondiales des infrastructures projetées à 4,2 billions de dollars en 2024
• Investissement en infrastructure chinois estimé à 1,8 billion de dollars
• Attribution des factures d'infrastructure des États-Unis: 1,2 billion de dollars

Volatilité du taux de change

Paire de devises	2023 Taux moyen	2024 Impact prévu
USD / CAD	1.35	± 3,5% de volatilité
USD / CNY	7.10	± 2,8% de volatilité

Stratégies de diversification

Attribution des investissements 2024:

• Projets en cuivre: 750 millions de dollars
• Expansion du zinc: 350 millions de dollars
• Intégration d'énergie renouvelable: 250 millions de dollars

Investissement total de l'atténuation des risques économiques: 1,35 milliard de dollars

Teck Resources Limited (Teck) - Analyse du pilon: facteurs sociaux

Accent croissant sur la responsabilité sociale des entreprises et l'engagement communautaire

Teck Resources a investi 67,4 millions de dollars dans les investissements communautaires et les programmes sociaux en 2022. La société a signalé 98 partenariats communautaires actifs dans ses régions opérationnelles.

Année	Investissement communautaire ($ m)	Nombre de partenariats communautaires
2022	67.4	98

Augmentation des initiatives de diversité et d'inclusion de la main-d'œuvre

En 2022, la composition de la main-d'œuvre de Teck a montré:

Métrique de la diversité	Pourcentage
Femmes sur la main-d'œuvre	18%
Employés autochtones	12.5%
Positions en leadership occupées par des femmes	23%

Perception du public de l'impact environnemental et social de l'industrie minière

Le rapport sur la durabilité de Teck a indiqué:

• Les émissions de carbone ont été réduites de 33% depuis 2017
• 1,2 milliard de dollars investis dans les stratégies d'atténuation du changement climatique
• 100% des opérations ont des programmes d'engagement communautaire locaux

Changer les exigences démographiques et compétences de la main-d'œuvre dans le secteur des ressources

Les investissements de distribution d'âge et de développement des compétences de Teck de Teck:

Groupe d'âge	Pourcentage de la main-d'œuvre
Moins de 30 ans	22%
30-50	58%
Plus de 50	20%

Dépenses de formation et de développement: 24,6 millions de dollars en 2022, en se concentrant sur les compétences numériques, l'expertise en matière de durabilité et la compétence technologique.

Teck Resources Limited (Teck) - Analyse du pilon: facteurs technologiques

Mise en œuvre des technologies minières avancées et de l'automatisation

Teck Resources a investi 124 millions de dollars dans les infrastructures technologiques en 2023. Les camions de transport autonomes de la mine de cuivre de Highland Valley fonctionnent avec une efficacité de 92%, ce qui réduit l'intervention humaine de 67%. La société a déployé 18 camions de transport autonomes Komatsu 980E, augmentant la productivité opérationnelle de 35%.

Type de technologie	Investissement ($ m)	Amélioration de l'efficacité (%)
Camions de transport autonomes	52.6	35
Systèmes de surveillance à distance	37.4	28
Automatisation de processus robotique	34.2	22

Investissement dans la transformation numérique et l'analyse des données

Teck a alloué 86,3 millions de dollars pour les initiatives de transformation numérique en 2023. Les algorithmes d'apprentissage automatique analysent 2,4 pétaoctets de données opérationnelles mensuellement, optimisant l'extraction des ressources et les stratégies de maintenance prédictive.

Initiative numérique	Investissement ($ m)	Volume de traitement des données
Plateforme d'analyse avancée	42.7	2,4 PB / mois
AI de maintenance prédictive	23.6	1,8 PB / mois
Réseau de capteurs IoT	20.0	1.2 PB / mois

Intégration d'énergie renouvelable dans les opérations minières

Teck a engagé 210 millions de dollars dans des projets d'énergie renouvelable en 2023. Les installations solaires et éoliennes génèrent 22% des besoins énergétiques totaux à travers les opérations minières. Les émissions de carbone ont été réduites de 38 000 tonnes métriques grâce à l'intégration des énergies renouvelables.

Source renouvelable	Investissement ($ m)	Génération d'énergie (%)	Réduction du carbone (MT)
Installations solaires	86.5	12	18,200
Énergie éolienne	74.3	10	15,600
Systèmes hybrides	49.2	6	4,200

Recherche et développement dans des pratiques minières durables

Teck a investi 62,7 millions de dollars dans la R&D pour les technologies minières durables en 2023.

Zone de focus R&D	Investissement ($ m)	Amélioration de l'efficacité (%)
Technologies de recyclage de l'eau	24.5	78
Équipement d'exploitation à faible teneur en carbone	21.3	65
Innovations de réduction des déchets	16.9	52

Teck Resources Limited (Teck) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations internationales de l'environnement et du travail

Teck Resources Limited a engagé 22,4 millions de dollars en frais de conformité environnementale en 2023. La société opère dans plusieurs cadres réglementaires internationaux à travers les juridictions.

Juridiction réglementaire	Dépenses de conformité	Concentration réglementaire
Canada	8,7 millions de dollars	Loi sur la protection de l'environnement
Chili	6,3 millions de dollars	Conformité du code du travail
Pérou	4,2 millions de dollars	Réglementation environnementale minière
États-Unis	3,2 millions de dollars	Conformité de l'EPA

Navigation de processus d'autorisation complexe pour les projets miniers

Teck Ressources dépensées 17,6 millions de dollars sur les processus de permis réglementaires en 2023, avec une durée de traitement moyenne de 18 à 24 mois par projet minier majeur.

Emplacement du projet	Type de permis	Temps de traitement	Permettre le coût
Quebrada Blanca (Chili)	Opération environnementale	22 mois	5,3 millions de dollars
Highland Valley (Canada)	Permis d'extension	19 mois	4,7 millions de dollars
Elkview (Canada)	Permis d'utilisation de l'eau	16 mois	3,9 millions de dollars

Conteste juridique potentiel lié à la protection de l'environnement

Teck Resources face 3 Défis juridiques de l'environnement en 2023, avec les frais de défense juridique associés de 9,1 millions de dollars.

• Part de contamination de Columbia River: 4,2 millions de dollars dépenses juridiques
• Dispute d'utilisation de l'eau chilienne: 3,5 millions de dollars de frais juridiques
• Défi de gestion des résidus canadiens: 1,4 million de dollars de frais juridiques

Protection de la propriété intellectuelle pour les innovations technologiques

Teck Ressources investies 12,3 millions de dollars en protection de la propriété intellectuelle Dans son portefeuille d'innovations technologiques.

Zone technologique	Demandes de brevet	Coût de protection IP
Automatisation minière	7 brevets	4,6 millions de dollars
Technologies de recyclage de l'eau	5 brevets	3,7 millions de dollars
Innovations de traitement des minéraux	6 brevets	4,0 millions de dollars

Teck Resources Limited (Teck) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone et l'empreinte des gaz à effet de serre

Teck Resources s'est engagé à réduire les émissions de gaz à effet de serre par 33% D'ici 2030 à partir des niveaux de référence de 2017. Les émissions totales des gaz à effet de serre de 1 et 2 de la société en 2022 étaient de 4,7 millions de tonnes CO2E.

Type d'émission	2022 Émissions (tonnes CO2E)	Cible de réduction
Émissions de la portée 1	3,1 millions	33% de réduction d'ici 2030
Émissions de la portée 2	1,6 million	33% de réduction d'ici 2030

Pratiques minières durables et efforts de conservation des écosystèmes

Teck a investi 13,5 millions de dollars dans la gestion de l'environnement et la conservation de la biodiversité en 2022. La société a mis en œuvre des programmes de réadaptation sur 2 500 hectares de terrain.

Métrique de conservation	2022 données
Zone de réhabilitation des terres	2 500 hectares
Investissement de gestion de l'environnement	13,5 millions de dollars

Gestion de l'eau et stratégies de conservation

En 2022, Teck recyclé 76% d'eau utilisée dans les opérations. Le retrait total de l'eau était de 248 millions de mètres cubes, avec 185 millions de mètres cubes recyclés.

Métrique de gestion de l'eau	2022 Volume (mètres cubes)	Pourcentage de recyclage
Retrait total de l'eau	248 millions	76%
Eau recyclée	185 millions	N / A

Investissement dans les énergies renouvelables et les technologies à faible émission de carbone

Teck a engagé 100 millions de dollars pour le développement de la technologie à faible émission de carbone. L'entreprise vise à réaliser 50% utilisation des énergies renouvelables dans les opérations d'ici 2030.

Investissement à faible teneur en carbone	Montant	Cible d'énergie renouvelable
Investissement technologique à faible teneur en carbone	100 millions de dollars	50% d'ici 2030

Teck Resources Limited (TECK) - PESTLE Analysis: Social factors

You're looking at Teck Resources Limited (TECK) right now, and the social factors are defintely a high-stakes game. The core issue for any major miner is maintaining its social license to operate-that unspoken community permission. For Teck in 2025, this translates directly into managing Indigenous and community benefit-sharing, keeping a lid on labor disputes, and actively proving their environmental stewardship.

Frankly, the cost of a social misstep-a strike, a permit delay, a community dispute-can blow a hole in your quarterly earnings faster than a commodity price drop. It's all about risk mitigation tied to human relationships.

Growing pressure from communities and Indigenous groups for greater benefit sharing and consultation on new projects.

The pressure from local and Indigenous groups for greater benefit sharing is not slowing down; it's becoming a baseline requirement for new project approvals. Teck recognizes this, making it a strategic priority to collaborate and advance reconciliation efforts. They've set a clear, quantifiable goal for the near-term.

Specifically, Teck aims to contribute $100 million to community organizations and global initiatives by the end of 2025. This is a hard number that shows their commitment to generating positive social and economic outcomes, which is the price of entry for new projects. This includes increasing local employment and procurement opportunities, which directly benefits the communities where they operate. For instance, in April 2025, Teck announced a new 3-year, $465,000 agreement with Indspire to support Indigenous youth education and career pathways in Canada. That's a concrete investment in future workforce stability and community goodwill.

Labor relations and potential strikes at key Canadian and Chilean operations pose an operational risk.

Labor stability is a constant operational risk, especially at large-scale, international assets like those in Chile. While Teck has made progress, the risk of a strike remains a near-term threat to production guidance, particularly in South America.

In 2024, the company successfully completed collective bargaining negotiations with two of three unions at its Quebrada Blanca (QB) operation, representing 78% of the workforce. That's a win for stability. Still, the Chilean operations have seen production interruptions, like the one-month SAG mill shutdown at Carmen de Andacollo in June 2025 due to a mechanical issue, which, while not a strike, shows how delicate operations are in that region. You need to model this risk into your valuation, because labor issues in a high-cost environment like Chile can quickly inflate your net cash unit costs.

Here's the quick math on the operational risk in their key copper asset:

Metric	2025 Q1 Performance	2025 Mid-Year Guidance (Revised)	Implication
Quebrada Blanca (QB) Copper Production Guidance	N/A	210,000 to 230,000 tonnes (Revised from 230k-270k)	Operational setbacks (like slow water drainage and shiploader outage) are impacting volume.
QB Annual Copper Net Cash Unit Cost	N/A	US$1.90-$2.05 per pound (Revised from US$1.65-1.95)	Cost inflation is real, driven by operational challenges and ramp-up issues.

Public perception of mining's environmental impact influences the company's social license to operate.

The public's view of mining's environmental footprint is the biggest long-term threat to Teck's social license. The company's strategic pivot to a pure-play energy transition metals focus (copper and zinc) is a direct response to this. They are betting that providing metals essential for decarbonization will fundamentally improve their public standing and secure future permits.

This is a smart move, but execution is key. You see this in action with their partnership with the Tahltan Nation Development Corporation (TNDC) on the Schaft Creek solar project in British Columbia. This 3-year agreement is estimated to reduce carbon emissions for the camp power by more than 70%. These tangible, low-carbon partnerships are what actually rebuild trust and secure that social license.

Increased focus on employee health, safety, and well-being, especially post-pandemic, impacting labor costs.

Employee health and safety is a core value, but it's also a leading indicator of operational discipline and, ultimately, labor costs. Teck has a clear goal to eliminate occupational disease by the end of 2025 by implementing new technologies for real-time exposure monitoring.

While the overall trend is positive, you must remain vigilant. The company reported a High-Potential Incident (HPI) Frequency rate of 0.09 for the six months ended June 30, 2025, which is an improvement over the 2024 annual rate of 0.12. Still, the fatality at the Antamina joint venture in April 2025 is a sobering reminder that the risk is always present. Increased safety protocols and technology investment will add to labor costs, but the alternative-a fatality or a major incident-is far more costly in terms of reputation, morale, and downtime.

• HPI Frequency Rate (Q1 2025): 0.05.
• HPI Frequency Rate (H1 2025): 0.09.
• Goal: Eliminate occupational disease by end of 2025.

Teck Resources Limited (TECK) - PESTLE Analysis: Technological factors

You're looking for a clear map of how Teck Resources Limited (TECK) is using technology to manage risk and drive returns, and the answer is that digital transformation is now a core operational driver, not just a side project. The company's focus on automation and advanced analytics is generating significant financial benefits, but it still faces the near-term challenge of integrating these systems into complex, large-scale projects like Quebrada Blanca (QB) in 2025.

The core of this push is the RACE21 program, which is already delivering a material impact on the bottom line. This is defintely where the rubber meets the road for modern mining.

Implementation of the RACE21 program to drive efficiency through automation and digital transformation

Teck's signature technology initiative, RACE21 (Renew, Automate, Connect, Empower), is designed to be a catalyst for company-wide transformation. The program's initiatives are expected to generate approximately $1.1 billion in recurring, annualized benefits using long-range planning price assumptions. If you look at spot prices, the anticipated annualized benefits could be up to approximately $1.7 billion.

This massive value creation is driven by leveraging digital applications across the entire mining value chain. For instance, the mine optimization portfolio alone is expected to contribute $450 million to these benefits. This isn't just theory; it has already led to an increase in truck productivity by up to 10% at certain operations.

Use of advanced data analytics and AI to optimize mill throughput and predictive maintenance

The application of advanced data analytics and machine learning is directly translating into better metal recovery and higher throughput in processing plants. Automation and machine learning models have increased throughput capacity by up to 9% and boosted recovery by up to 1% in processing plants.

Here's the quick math on how precision technology is enhancing output:

• At Red Dog Operations in Alaska, the use of visualization and 3D modeling to predict material movement during blasting improved the zinc grade delivered to the plant by about 5%.
• At Elkview Operations, a similar approach reduced ash variability, which in turn increased the plant yield by approximately 0.5%.
• The Advanced Water Dispatch System at Fording River Operations uses real-time flowmeters and sensors to enable better water management, supporting regional water quality objectives.

To be fair, the ramp-up of the Quebrada Blanca Phase 2 (QB) project in 2025 shows the limits of technology when facing complex operational issues; the annual copper production guidance for QB was revised down to 170,000 to 190,000 tonnes as of October 2025, partly due to issues like the shiploader outage, pushing the net cash unit costs up to between US$2.65 - $3.00 per pound.

Development of new technologies to reduce greenhouse gas (GHG) emissions from mining and processing

Teck has made firm, near-term commitments that rely heavily on technological shifts to meet its climate goals. The most aggressive target is to achieve net-zero Scope 2 (purchased electricity) greenhouse gas (GHG) emissions by the end of 2025. This is achievable because about 79% of the power Teck's operations use today already comes from renewable, zero-carbon sources.

The company is also pioneering smaller-scale, immediate-impact solutions. For example, a solar and battery installation at the remote Schaft Creek development project is estimated to reduce carbon emissions for camp power by more than 70% over its three-year agreement, which is a significant cost and resource saving considering all fuel must be flown in.

Adoption of electric and autonomous haulage systems to lower operating costs and improve safety

The shift to zero-emissions mobile equipment is a key technological pathway for Teck to reduce its Scope 1 emissions and lower operating costs. A major goal is to replace the equivalent of 1,000 internal combustion engine (ICE) vehicles by the end of 2025 in its mobile equipment fleets.

The transition to large-scale electric and autonomous haulage systems (AHS) is moving from pilot to deployment:

• Teck is collaborating with Caterpillar Inc. to deploy zero-emission haul trucks, expecting to receive the first 'early learner' battery electric trucks in late 2024/early 2025 for its Elk Valley steelmaking coal operations.
• The pilot phase for validating multiple autonomous trucks at the Elk Valley operations is slated to begin in 2025.

The economic case for AHS is compelling: autonomous systems can achieve 22-24 hours of daily operation compared to 16-18 hours for manned diesel trucks, and electric systems can deliver 60-70% lower energy costs per tonne-kilometer.

Technological Initiative	2025 Key Metric/Target	Impact/Benefit
RACE21 Program	Annualized benefits up to $1.7 billion (spot price estimate)	Mine Optimization portfolio contributes $450 million.
Scope 2 GHG Emissions	Achieve net-zero Scope 2 emissions by 2025	79% of power already from zero-carbon sources.
Zero-Emissions Fleet Adoption	Replace the equivalent of 1,000 ICE vehicles by 2025	First 'early learner' battery-electric haul trucks expected in early 2025.
Advanced Analytics (Processing)	Increased throughput capacity by up to 9%	Increased plant yield by approx. 0.5% at Elkview Operations.

Teck Resources Limited (TECK) - PESTLE Analysis: Legal factors

Compliance with Stringent Environmental Assessment Processes for Major Capital Projects

The legal landscape for major mining projects, especially in Canada and Chile, demands rigorous and lengthy environmental assessment processes, which significantly influence project timelines and capital costs. For Teck Resources Limited, navigating this compliance is a core operational risk, but also a source of competitive advantage when successful.

In Canada, the company secured a major legal milestone on June 17, 2025, when the British Columbia Government issued the Environmental Assessment Certificate and other required permits for the Highland Valley Copper Mine Life Extension (HVC MLE) project. This approval allowed the Board to sanction the construction on July 23, 2025. The total project capital cost is estimated between $2.1 billion and $2.4 billion, to be spent through 2028, with the environmental compliance costs embedded in this substantial budget. One clean one-liner: Environmental compliance is a multi-billion-dollar cost of doing business.

Conversely, the Quebrada Blanca 2 (QB2) expansion in Chile illustrates the compliance risk. While the project is ramping up, it has historically faced legal scrutiny. Chile's environmental regulator, the SMA, previously filed eight charges against the operation for non-compliance with measures to protect local species and vegetation, including the deficient rescue and relocation of vizcachas. In 2019, the regulator imposed a $1.2 million fine on the operation for violations related to waste handling, showing that even a fully permitted project faces ongoing legal and financial risk from operational compliance failures.

Potential for New or Increased Carbon Taxes and Emission Levies

The rising cost of industrial carbon pricing in Canada represents a persistent legal and financial pressure point for Teck's Canadian operations, particularly its steelmaking coal and zinc businesses. While the federal government repealed the fuel carbon tax in April 2025, the industrial-focused Output-Based Pricing System (OBPS) remains firmly in place and is designed to increase compliance costs for large emitters.

Under the federal plan, the price on carbon dioxide equivalent (CO₂e) for large industrial facilities is set to increase by CAD $15 per tonne annually. For the 2025 fiscal year, the carbon price is expected to be approximately CAD $95 per tonne of CO₂e. This escalating price is a direct legal liability that gets passed down through energy prices, increasing the unit cost of production at operations like the Trail Operations and the Canadian steelmaking coal mines. Here's the quick math: every tonne of CO₂e Teck emits above the regulatory benchmark costs the company CAD $95 in 2025.

Water Usage Rights and Permitting in Arid Regions

The legal framework governing water use in Chile has undergone a fundamental shift, directly impacting Teck's copper operations in the arid Atacama region. The 2022 reform to the Chilean Water Code (Law No. 21,435) prioritizes water use for human consumption and public health over industrial activities like mining, creating a more challenging and legally complex permitting environment.

Key legal changes affecting Teck's long-term water strategy include:

• New water rights granted post-reform are subject to a 30-year time limitation, though they are automatically renewable.
• The concept of public interest is now a requirement for granting new water rights.
• Chile's Mining Policy 2050 aims to limit the use of continental water by large mines to 10% of their total water consumption.

To be fair, Teck has mitigated this risk at QB2 by constructing a seawater desalination plant, a strategic investment that reduces reliance on scarce continental water sources. Still, the legal and permitting process for desalination infrastructure itself remains complex and can face six-year approval timelines, creating a continuous bottleneck for new projects in the region.

International Trade Laws and Tariffs Impacting the Movement and Sale of Commodities

The global trade environment in 2025 is marked by escalating protectionism, particularly from the United States, which creates significant legal uncertainty and cost increases for Teck's core commodity exports-steelmaking coal, copper, and zinc.

The most immediate legal risks stem from new US tariffs:

• Copper Tariffs: Effective August 1, 2025, the US government imposed a 50% tariff on imports of raw copper and semi-finished copper products. This directly impacts the profitability of copper concentrate sales from Teck's Chilean and Canadian operations into the US market.
• Steel and Aluminum Tariffs: As of June 4, 2025, Section 232 duties on steel and aluminum imports doubled to 50% for most countries. While Teck sells steelmaking coal (a raw material for steel), not finished steel, this tariff spike increases the cost for its customers, potentially depressing demand or prices for Teck's steelmaking coal.
• Canada/Mexico Tariffs: An additional 25% tariff was applied to all goods of Canadian origin imported into the US, effective March 4, 2025. This broad tariff increases the cost of moving goods and energy resources, which face a separate 10% tariff, across the US-Canada border, impacting all of Teck's Canadian mining and processing operations.

These duties force Teck to constantly re-evaluate its global sales strategy and potentially divert shipments to non-US markets, which adds logistical complexity and defintely impacts realized prices.

Jurisdiction/Commodity	Legal/Regulatory Factor (2025)	Financial/Operational Impact
Canada (All Operations)	Industrial Carbon Price (OBPS)	Price set at approx. CAD $95 per tonne of CO₂e, increasing annual operating costs and energy procurement expenses.
Chile (QB2 Copper)	New US Copper Import Tariff	50% tariff on raw and semi-finished copper (effective Aug 1, 2025), necessitating re-routing of sales or absorbing higher costs on US-bound shipments.
Chile (Copper Operations)	Water Code Reform (Law No. 21,435)	New water rights limited to 30 years; requires priority for human consumption; mandates shift to non-continental sources (e.g., desalination).
Canada (Steelmaking Coal)	US Steel and Aluminum Tariffs (Section 232)	Duties doubled to 50% (effective June 4, 2025) on key customer products, potentially reducing demand or pricing power for Teck's steelmaking coal.
Canada (All Operations)	US Tariffs on Canadian Goods	Additional 25% tariff on all Canadian goods and 10% tariff on energy resources (effective March 4, 2025), increasing cross-border supply chain costs.

Teck Resources Limited (TECK) - PESTLE Analysis: Environmental factors

Commitment to achieving a net-zero emissions goal by 2050, requiring significant capital investment in low-carbon technology.

Teck Resources Limited has clearly defined its path toward decarbonization, which is a massive undertaking requiring consistent capital deployment. Your investment thesis should recognize that this is not just a long-term ambition but a near-term financial commitment. The company's primary goal is to achieve net-zero greenhouse gas (GHG) emissions across its operations (Scope 1 and 2) by 2050. More immediately, Teck is committed to achieving net-zero Scope 2 (purchased electricity) emissions by the end of 2025.

This commitment is backed by tangible, near-term capital actions. For instance, the company is on track to secure 100% renewable power for its Quebrada Blanca operation by the end of 2025, which is a major step in meeting the Scope 2 goal. Plus, the company has committed to replacing the equivalent of 1,000 internal combustion engine (ICE) vehicles in its mobile equipment fleets by the end of 2025, accelerating the adoption of zero-emissions alternatives. Here's the quick math on where some of the capital is going in 2025, keeping in mind that environmental compliance costs are embedded in the sustaining capital.

2025 Capital Expenditure Guidance (Teck's Share, CAD millions)	Amount	Context
Copper Sustaining Capital Expenditure (Revised Guidance)	$940 - $1,010 million	Includes environmental compliance costs and sustaining capital for existing operations.
Total Capital Expenditures (Net of Partner Contributions)	$1,580 - $1,795 million	Overall capital envelope, a portion of which is dedicated to energy transition and low-carbon technology.
HVC MLE Total Project Cost (2025-2028)	$2.1 - $2.4 billion	Highland Valley Copper Mine Life Extension, sanctioned in July 2025, which received an Environmental Assessment Certificate.

Managing water quality and discharge from coal operations in the Elk Valley, British Columbia, remains a major liability.

While Teck completed the sale of its steelmaking coal business (now Elk Valley Resources, or EVR) to Glencore in July 2024, the legacy environmental liability in the Elk Valley remains a critical watchpoint for the former parent company and the new operator. The reputational and financial risks associated with the long-standing selenium and nitrate contamination are still very real, even if the direct operational control has shifted.

This is a long-tail risk. To be fair, the new operator is continuing the Elk Valley Water Quality Plan, which is a massive undertaking. Their four constructed water treatment facilities have a combined capacity to treat 77.5 million litres of water per day and are successfully removing between 95% and 99% of selenium from the treated water. Still, the regulatory pressure is intense, as evidenced by the former Teck coal operations being hit with seven administrative penalties in October 2025 totaling $3,626,750 (CAD) for historical water quality breaches and treatment facility delays.

The core issue is that the environmental bond held by the B.C. government for reclamation of the Elk Valley mines was previously estimated to be hundreds of millions of dollars short of the required cleanup costs, creating a significant structural liability that the new operator must now fully address.

Increased scrutiny on tailings management and dam safety standards following global regulatory changes.

Tailings Management Facilities (TMFs) are a non-negotiable risk factor in modern mining, and Teck is under intense scrutiny, particularly at its flagship Quebrada Blanca (QB2) operation in Chile. Global standards, like the Global Industry Standard on Tailings Management (GISTM), are driving up both compliance costs and operational risk.

The near-term challenge at QB2 is operational: slow sand drainage has directly impacted the pace of TMF development, which in turn constrained production in the first half of 2025. This is a direct link between environmental compliance and core business performance. The company launched a Comprehensive Operations Review in August 2025, expected to conclude by October 2025, to specifically address the TMF development.

Key actions underway in 2025 to mitigate this risk include:

• Mechanically raising the tailings dam wall to minimize concentrator downtime.
• Implementing initiatives to accelerate sand drainage times to reach design targets.
• Onboarding a Special Advisor to the CEO to accelerate TMF development and drive operational performance.

The capital for this incremental TMF development work is already factored into the 2025 sustaining capital guidance, and management does not currently expect additional capital investment for TMF in 2026.

Biodiversity protection and land reclamation obligations in all operating areas are becoming more demanding.

The push for a 'nature positive' future means that land reclamation and biodiversity protection are no longer just regulatory checkboxes; they are material obligations that require specialized investment. Teck has set an ambitious goal to have all operating sites implementing plans to secure a net positive impact (NPI) on biodiversity by the end of 2025.

This translates into a long-term commitment to conserve or rehabilitate at least three hectares for every one hectare affected by mining activities, starting from a 2020 baseline. As of the end of 2023, the total disturbed footprint of Teck's operations was 34,690 hectares, with 28,275 hectares yet to be reclaimed. The scale of the work ahead is substantial, but the company is making progress:

• Conserved or restored over 37,900 hectares in Canada and Chile through conservation and restoration investments, which is equivalent to 100% of the current mining footprint on a gross basis.
• Reclaimed 307 hectares at its sites in 2023 alone.

What this estimate hides is the rising cost of specialized reclamation, which is factored into the overall closure and environmental compliance costs. You should expect this expenditure line to grow as global biodiversity frameworks become mandatory. Finance: Begin tracking all 2025 NPI-related project expenditures against the capital budget by the end of the current quarter.