Teck Resources Limited (TECK): PESTLE Analysis [Nov-2025 Updated]

The Teck Resources Limited (TECK) story for 2025 is a high-stakes pivot: they are no longer a diversified miner, but a pure-play energy transition metals company, and that focus defines their entire risk map. This year's strategy centers on aggressive copper growth, targeting between 470,000 and 525,000 tonnes of copper production, but this ambition is colliding with geopolitical reality-namely, permitting friction in Chile and Canada, plus persistent inflationary pressures pushing their net cash unit costs to a projected US$1.90-$2.05 per pound. You need to look past the commodity price optimism and focus on the execution of their multi-billion-dollar capital projects and how their RACE21 technological edge can defintely offset the rising political and environmental costs.

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

Canadian federal and provincial regulations on mining and carbon emissions remain a key cost driver.

You need to keep a sharp eye on the regulatory landscape in Canada, as it directly impacts your operating costs and project timelines. While the federal government removed the consumer-pay carbon tax in March 2025, the industrial carbon tax (Output-Based Pricing System, or OBPS) remains in force for large emitters like Teck Resources Limited. This system is designed to drive decarbonization, and the revenue is reinvested into clean energy projects.

To mitigate this, Teck is actively pursuing emission reduction projects. For instance, a solar array and battery installation at the Schaft Creek development project is estimated to reduce camp power carbon emissions by over 70%, which translates into defintely significant cost savings by reducing reliance on diesel fuel. On the permitting side, the passage of Canada's Bill C-5 in June 2025 is a positive political development, as it aims to streamline federal approval processes for major projects, which should help accelerate future Canadian developments.

The proposed merger with Anglo American is also a major political factor, as it is subject to a rigorous review under the Investment Canada Act (ICA). The Canadian government, through the Minister of Industry, is now requiring longer-term commitments-up to five to ten years-for Canadian employment and management to approve such transactions involving critical minerals companies.

Increased resource nationalism and permitting delays in South American operations, notably in Chile.

The operational environment in South America, particularly Chile, presents a complex mix of political and regulatory hurdles. While you are largely insulated from the immediate impact of Chile's new mining royalty tax scheme due to existing tax stability agreements for Quebrada Blanca 2 (QB2) that run until 2037, the risk of resource nationalism still manifests through operational delays and scrutiny.

The most immediate political-operational challenge is the protracted ramp-up of the QB2 copper mine. The delays are technical (tailings management facility development, ship-loader repairs) but are amplified by the political need to ensure safe and environmentally compliant operations in a country increasingly focused on its sovereign resources. The QB2 project has already faced significant setbacks, including a capital cost overrun of approximately $4 billion against its initial budget.

The continual operational issues have forced Teck to revise its 2025 production guidance multiple times. Here's the quick math on the impact:

The QB2 project is a joint venture, with Teck owning 60%, Japan's Sumitomo Corp. holding 30%, and Chile's state-owned Codelco holding 10%. This involvement of a state-owned enterprise and a key ally like Japan provides a critical layer of political risk mitigation, but it doesn't eliminate the operational and permitting scrutiny.

Trade policies impacting steelmaking coal exports to key Asian markets like Japan and South Korea.

The political risk related to steelmaking coal exports is largely mitigated by Teck's strategic pivot. The company completed the sale of its steelmaking coal business (Elk Valley Resources) in 2024. This move fundamentally shifts the company's exposure away from the volatile trade policies and environmental regulations targeting coal.

The more relevant trade policy risk for the new, pure-play metals business is the threat of new U.S. tariffs. Should the U.S. impose the proposed 25 per cent tariffs on Canadian refined metals, Teck has a clear, actionable contingency plan:

• Reroute refined zinc from its Trail, B.C., operations to Asia instead of the U.S.
• The refined metals business, including zinc, lead, and specialty metals like germanium, accounts for less than 15 per cent of total company revenue.
• The company is actively exploring funding options with the Canadian and U.S. governments to expand germanium production, a critical mineral, which aligns with North American geopolitical efforts to diversify supply chains away from China.

This risk is manageable, as the company's core copper and zinc concentrate exports mostly go to Asia and Europe, bypassing the potential U.S. tariffs on Canadian refined goods.

Geopolitical stability affecting the security and supply chain of the large Quebrada Blanca 2 (QB2) copper project.

Geopolitical stability is a constant concern for global miners, and for Teck, its largest new asset is in Chile. Over 70% of copper producers globally cite geopolitical tensions as their top risk in 2025, and Teck's reliance on Chile amplifies this. The operational challenges at QB2, while technical, have a geopolitical dimension because they directly impact global copper supply in a tight market.

The ship-loader damage at QB2's port facility, now expected to extend repairs into the first half of 2026, is a physical supply chain bottleneck that is politically scrutinized due to the project's strategic importance to the global copper supply. The delays contribute to investor skepticism and uncertainty around Teck's ability to execute its copper growth strategy, which is central to its new identity.

The political stability of Chile itself is generally stronger than many other South American jurisdictions, but the presence of state-owned Codelco as a 10% partner in QB2 is a double-edged sword: it provides political protection but also exposes the project to the priorities and bureaucratic pace of a state entity.

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

Commodity Price Volatility and the Energy Transition Pivot

You need to understand that Teck Resources Limited's economic profile has fundamentally shifted. The company is no longer primarily a steelmaking coal producer; that business was sold in 2024, removing a historically volatile revenue stream from continuing operations. So, the economic factor of price volatility now centers squarely on copper and zinc, the core of their new energy transition metals focus. Copper experienced extreme price swings in the third quarter of 2025, spiking to an all-time high of US$5.81 per pound on the COMEX in July before plummeting to a quarterly low of US$4.37 per pound in early August. That's a massive, quick drop.

The Q3 2025 average realized copper price was a strong US$4.44 per pound, which helped drive the Copper segment's gross profit before depreciation and amortization to $740 million. Still, the sheer range of that volatility-a 25% swing in a single month-is the near-term risk. Zinc, while contributing a gross profit of $454 million in Q3 2025, faces a different headwind: a forecast of a global surplus of 148,000 tonnes for 2025, which is expected to soften the average price to around $2,600 per tonne.

• Copper's Q3 2025 high: US$5.81/lb
• Copper's Q3 2025 average: US$4.44/lb
• Zinc market forecast: 148,000 tonne surplus in 2025

Long-Term Copper Demand and Price Outlook

The long-term economic outlook is defintely bullish, and it's the entire rationale behind Teck Resources Limited's strategic pivot. Global copper demand is strong, driven by the energy transition-think electric vehicles, solar, and massive grid upgrades. The company is positioning itself to capitalize on this structural demand, with a pathway to grow copper production to approximately 800,000 tonnes per year before the end of the decade.

For 2025, Teck Resources Limited's total copper production guidance is between 415,000 and 465,000 tonnes, a necessary revision due to operational constraints. This reduced supply, coupled with the long-term energy transition demand, supports the view that copper prices will remain elevated, with some analysts forecasting an average price of around $9,000 per tonne (roughly US$4.08/lb) for 2025, reflecting persistent supply-demand imbalances. The market is betting on the long-term fundamentals.

Inflationary Pressures and Margin Compression

Honesty, inflation is biting hard at the operational level, compressing margins despite higher commodity prices. Mining is capital and energy-intensive, and Teck Resources Limited is not immune to rising costs for labor, energy, and reagents (chemicals used in processing). The most concrete evidence of this pressure is the upward revision of their unit cost guidance for 2025.

The net cash unit cost for the overall Copper segment was revised upward to between US$2.05 and $2.30 per pound (up from the initial US$1.90-$2.05/lb guidance). But the real pinch point is the Quebrada Blanca (QB) operation, where unit costs were revised significantly higher to between US$2.65 and $3.00 per pound for 2025. This increase is a direct result of lower production volumes (due to tailings management facility issues) combined with the underlying inflationary cost environment. Here's the quick math on the cost pressure:

Impact of a Strong US Dollar on Canadian-Based Costs

The strength of the US dollar (USD) against the Canadian dollar (CAD) is a significant mitigating economic factor for Teck Resources Limited, helping their overall cost structure. Since the majority of their revenue from copper and zinc sales is denominated in US dollars, while a substantial portion of their operating costs (especially at Canadian mines like Highland Valley Copper and Trail Operations) are in Canadian dollars, a weaker CAD acts as a natural hedge.

The average USD/CAD exchange rate in 2025 has been approximately 1.3994 CAD. This weaker CAD translates directly into lower reported US dollar costs for Canadian operations. The company's own sensitivity analysis clearly shows the leverage: a single CAD$0.01 depreciation in the Canadian dollar increases Teck Resources Limited's Adjusted EBITDA by approximately $39 million and its Profit Attributable to Shareholders by $20 million. This currency tailwind is a crucial buffer against the inflationary pressures hitting their Canadian and Chilean operations.

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:

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.

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.

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.

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.