SINGAPORE, Mar 23, 2010 (Dow Jones Commodities News via Comtex) -- Teck Resources Ltd. (TCK) anticipates its copper production rising 40% in the next 24 months, President and Chief Executive Don Lindsay said at a mining conference in Singapore Tuesday.
Teck is involved in such copper projects as Highland Valley in Canada, Andacollo and Quebrada Blanca in Chile and Antamina in Peru and plans to produce around 340,000 metric tons of copper in 2010.
Lindsay said assuming China's copper consumption rose an average of 3% each year, 6.6 million tons of additional output would be needed to balance the market in 10 years time.
"Even if all the (mining company) power point slides are correct, we can still only find 5.8 million tons," justifying a bullish outlook for copper prices, he said.
"The challenge for the copper industry is quite apparent," he added.