Members of the United Steelworkers (USW) Local 7619 ratified a five-year collective agreement with Teck's Highland Valley Copper (HVC) operations on January 22. The agreement replaces a previous deal that expired on September 30, 2021.
The company had received a strike notice from the members of USW Local 7619, which represents 1,048 workers at the site, earlier this month.
"We are pleased to have reached a collective agreement that is fair to employees and supports the long-term success of Highland Valley Copper operations," Teck's General Manager of HVC Operations, Matt Parrilla, said.
Highland Valley is located in south-central British Columbia and produces both copper and molybdenum concentrates through autogenous and semi-autogenous grinding and flotation. Copper production for 2021 was expected to be between 128,000 and 133,000 tonnes.
Annual copper production for the next three years - 2022 to 2024 - is anticipated to be between 135,000 and 165,000 tonnes per year.
Prior to the announcement, Teck Resources traded on the New York Stock Exchange on January 21 at $32.55/share, up $3/share from the beginning of the year. The company also traded on the Toronto Stock Exchange on January 21 at C$41.73/share for class a and C$40.79/share for class b.