Teck Resources Limited (Teck): Análise de Pestle [Jan-2025 Atualizado]

No mundo dinâmico da extração de recursos, a Teck Resources Limited está na encruzilhada dos desafios globais e soluções inovadoras. Essa análise abrangente de pestles revela o intrincado cenário de desafios e oportunidades que moldam a trajetória estratégica da empresa, explorando como os fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais se entrelaçam para definir o complexo ecossistema de negócios de Teck. Desde a navegação dos direitos indígenas até as tecnologias de mineração sustentável pioneira, Teck demonstra uma abordagem diferenciada à resiliência corporativa em um mercado global cada vez mais interconectado e ambientalmente consciente.

Teck Resources Limited (Teck) - Análise de Pestle: Fatores Políticos

O apoio do governo canadense para indústrias de extração de mineração e recursos

A partir de 2024, o governo federal canadense fornece US $ 500 milhões em incentivos fiscais anuais para indústrias de extração de mineração e recursos. RECURSOS NATURAIS O Canadá relata o apoio direto de US $ 250 milhões especificamente para programas de exploração e desenvolvimento minerais.

Mecanismo de apoio ao governo	Valor anual
Incentivos fiscais	US $ 500 milhões
Programas de exploração mineral	US $ 250 milhões
Subsídios de pesquisa e desenvolvimento	US $ 175 milhões

Impacto potencial dos direitos indígenas e reivindicações de terras

As negociações atuais de reivindicação de terras indígenas envolvem Aproximadamente 67 casos de disputa territorial ativos nas províncias canadenses que afetam as operações de mineração.

• Colúmbia Britânica: 23 reivindicações de terras indígenas ativas
• Quebec: 15 reivindicações de terras indígenas ativas
• Ontário: 12 reivindicações de terras indígenas ativas
• Alberta: 17 reivindicações de terras indígenas ativas

Tensões geopolíticas que afetam os investimentos internacionais de mineração

As tensões geopolíticas globais resultaram em US $ 1,2 bilhão em risco potencial de investimento Para projetos internacionais de mineração em 2024.

Região	Risco de investimento
Ámérica do Sul	US $ 450 milhões
África	US $ 350 milhões
Ásia-Pacífico	US $ 400 milhões

Mudanças regulatórias nas políticas de proteção ambiental e sustentabilidade

Mandato de regulamentação ambiental canadense US $ 750 milhões em investimentos anuais de conformidade ambiental para empresas de mineração.

• Alvos obrigatórios de redução de emissão de carbono: 30% até 2030
• Custos de conformidade com gestão da água: US $ 125 milhões anualmente
• Requisitos do fundo de recuperação e reabilitação: US $ 200 milhões

Teck Resources Limited (Teck) - Análise de Pestle: Fatores Econômicos

Preços flutuantes das commodities

A partir do quarto trimestre 2023, os recursos da Teck sofreram variações significativas de preços entre as principais commodities:

Mercadoria	Preço (USD/Ton Metric)	Mudança anual de preço
Cobre	$8,475	+5.2%
Zinco	$2,375	-3.8%
Carvão metalúrgico	US $ 270/tonelada	-12.5%

Impacto de recuperação econômica global

Investimentos de desenvolvimento de infraestrutura que afetam a demanda de commodities:

• Os gastos globais de infraestrutura projetados em US $ 4,2 trilhões em 2024
• Investimento de infraestrutura da China estimado em US $ 1,8 trilhão
• Alocação de projeto de lei de infraestrutura dos Estados Unidos: US $ 1,2 trilhão

Volatilidade da taxa de câmbio

Par de moeda	2023 taxa média	2024 Impacto projetado
USD/CAD	1.35	± 3,5% de volatilidade
USD/CNY	7.10	± 2,8% de volatilidade

Estratégias de diversificação

Alocação de investimentos 2024:

• Projetos de cobre: ​​US $ 750 milhões
• Expansão de zinco: US $ 350 milhões
• Integração de energia renovável: US $ 250 milhões

Investimento total de mitigação de risco econômico: US $ 1,35 bilhão

Teck Resources Limited (Teck) - Análise de Pestle: Fatores sociais

Ênfase crescente na responsabilidade social corporativa e no envolvimento da comunidade

A Teck Resources investiu US $ 67,4 milhões em investimentos comunitários e programas sociais em 2022. A Companhia relatou 98 parcerias comunitárias ativas em suas regiões operacionais.

Ano	Investimento comunitário ($ M)	Número de parcerias comunitárias
2022	67.4	98

Aumentando iniciativas de diversidade e inclusão da força de trabalho

A partir de 2022, a composição da força de trabalho de Teck mostrou:

Métrica de diversidade	Percentagem
Mulheres na força de trabalho	18%
Funcionários indígenas	12.5%
Posições de liderança ocupadas por mulheres	23%

Percepção pública do impacto ambiental e social da indústria de mineração

O relatório de sustentabilidade de Teck indicou:

• Emissões de carbono reduzidas em 33% desde 2017
• US $ 1,2 bilhão investido em estratégias de mitigação de mudanças climáticas
• 100% das operações têm programas de envolvimento da comunidade local

Mudança de dados demográficos da força de trabalho e requisitos de habilidades no setor de recursos

Distribuição da idade da força de trabalho de Teck e investimentos em desenvolvimento de habilidades:

Faixa etária	Porcentagem de força de trabalho
Abaixo de 30	22%
30-50	58%
Mais de 50	20%

Despesas de treinamento e desenvolvimento: US $ 24,6 milhões em 2022, com foco em habilidades digitais, experiência em sustentabilidade e proficiência tecnológica.

Teck Resources Limited (Teck) - Análise de Pestle: Fatores tecnológicos

Implementação de tecnologias e automação avançadas de mineração

A Teck Resources investiu US $ 124 milhões em infraestrutura tecnológica em 2023. Os caminhões de transporte autônomo da mina de cobre de Highland Valley operam com 92% de eficiência, reduzindo a intervenção humana em 67%. A empresa implantou 18 caminhões autônomos KOMATSU 980E Haul, aumentando a produtividade operacional em 35%.

Tipo de tecnologia	Investimento ($ m)	Melhoria de eficiência (%)
Caminhões de transporte autônomo	52.6	35
Sistemas de monitoramento remoto	37.4	28
Automação de processo robótico	34.2	22

Investimento em transformação digital e análise de dados

Teck alocou US $ 86,3 milhões para iniciativas de transformação digital em 2023. Algoritmos de aprendizado de máquina Analisam 2.4 Petabytes de dados operacionais mensalmente, otimizando estratégias de extração de recursos e manutenção preditiva.

Iniciativa Digital	Investimento ($ m)	Volume de processamento de dados
Plataforma de análise avançada	42.7	2.4 PB/mês
Manutenção preditiva AI	23.6	1.8 PB/mês
Rede de sensores de IoT	20.0	1.2 PB/mês

Integração de energia renovável em operações de mineração

Teck comprometeu US $ 210 milhões a projetos de energia renovável em 2023. As instalações solares e eólicas geram 22% do total de requisitos de energia nas operações de mineração. Emissões de carbono reduzidas em 38.000 toneladas métricas através da integração de energia renovável.

Fonte renovável	Investimento ($ m)	Geração de energia (%)	Redução de carbono (MT)
Instalações solares	86.5	12	18,200
Energia eólica	74.3	10	15,600
Sistemas híbridos	49.2	6	4,200

Pesquisa e desenvolvimento em práticas de mineração sustentável

Teck investiu US $ 62,7 milhões em P&D para tecnologias de mineração sustentável em 2023. As tecnologias de reciclagem de água alcançam 78% de eficiência, reduzindo o consumo de água doce em 45% entre as operações.

Área de foco em P&D	Investimento ($ m)	Melhoria de eficiência (%)
Tecnologias de reciclagem de água	24.5	78
Equipamento de mineração de baixo carbono	21.3	65
Redução de resíduos inovações	16.9	52

Teck Resources Limited (Teck) - Análise de Pestle: Fatores Legais

Conformidade com os regulamentos ambientais e trabalhistas internacionais

A Teck Resources Limited incorria US $ 22,4 milhões em custos de conformidade ambiental Em 2023. A Companhia opera sob várias estruturas regulatórias internacionais entre as jurisdições.

Jurisdição regulatória	Gasto de conformidade	Foco regulatório
Canadá	US $ 8,7 milhões	Lei de Proteção Ambiental
Chile	US $ 6,3 milhões	Conformidade do Código do Trabalho
Peru	US $ 4,2 milhões	Regulamentos ambientais de mineração
Estados Unidos	US $ 3,2 milhões	Conformidade da EPA

Navegando processos de permissão complexos para projetos de mineração

Recursos Teck gastos US $ 17,6 milhões em processos de permissão regulatória Em 2023, com um tempo médio de processamento de 18 a 24 meses por projeto de mineração importante.

Localização do projeto	Tipo de permissão	Tempo de processamento	Custo de permissão
Quebrada Blanca (Chile)	Operação ambiental	22 meses	US $ 5,3 milhões
Highland Valley (Canadá)	Permissão de expansão	19 meses	US $ 4,7 milhões
Elkview (Canadá)	Permissão de uso da água	16 meses	US $ 3,9 milhões

Desafios legais potenciais relacionados à proteção ambiental

Teck Resources enfrentado 3 desafios legais ambientais em 2023, com os custos de defesa legal associados de US $ 9,1 milhões.

• Processo de contaminação do rio Columbia: despesas legais de US $ 4,2 milhões
• Disputa de uso da água chilena: US $ 3,5 milhões em custos legais
• Desafio de Gerenciamento de rejeitos canadenses: US $ 1,4 milhão de honorários legais

Proteção de propriedade intelectual para inovações tecnológicas

Teck Resources investiu US $ 12,3 milhões em proteção de propriedade intelectual em seu portfólio de inovações tecnológicas.

Área de tecnologia	Aplicações de patentes	Custo de proteção IP
Automação de mineração	7 patentes	US $ 4,6 milhões
Tecnologias de reciclagem de água	5 patentes	US $ 3,7 milhões
Inovações de processamento mineral	6 patentes	US $ 4,0 milhões

Teck Resources Limited (Teck) - Análise de Pestle: Fatores Ambientais

Compromisso em reduzir as emissões de carbono e a pegada de gases de efeito estufa

A Teck Resources se comprometeu a reduzir as emissões de gases de efeito estufa por 33% Até 2030, a partir dos níveis de linha de base de 2017. O escopo total 1 e 2 emissões de gases de efeito estufa da empresa em 2022 foram de 4,7 milhões de toneladas CO2E.

Tipo de emissão	2022 Emissões (toneladas CO2E)	Alvo de redução
Escopo 1 emissões	3,1 milhões	Redução de 33% até 2030
Escopo 2 emissões	1,6 milhão	Redução de 33% até 2030

Práticas de mineração sustentáveis ​​e esforços de conservação do ecossistema

Teck investiu US $ 13,5 milhões em gestão ambiental e conservação da biodiversidade em 2022. A Companhia implementou programas de reabilitação em 2.500 hectares de terra.

Métrica de conservação	2022 dados
Área de reabilitação de terras	2.500 hectares
Investimento de gestão ambiental	US $ 13,5 milhões

Estratégias de gerenciamento e conservação de água

Em 2022, Teck reciclado 76% de água usada nas operações. A retirada total da água foi de 248 milhões de metros cúbicos, com 185 milhões de metros cúbicos reciclados.

Métrica de gerenciamento de água	2022 volume (metros cúbicos)	Porcentagem de reciclagem
Retirada total de água	248 milhões	76%
Água reciclada	185 milhões	N / D

Investimento em energia renovável e tecnologias de baixo carbono

Teck comprometeu US $ 100 milhões ao desenvolvimento de tecnologia de baixo carbono. A empresa pretende alcançar 50% Uso de energia renovável em operações até 2030.

Investimento de baixo carbono	Quantia	Alvo de energia renovável
Investimento em tecnologia de baixo carbono	US $ 100 milhões	50% até 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.