One of the key pieces to copper growth strategy is my vision for Teck Resources’ Investment in Copper Infrastructure. I want to back the most significant moves and make sure that we are ready with strong financial support, both short and long term.
Teck Resources has operationalized this vision through our commitment to invest $200 million in copper infrastructure projects around the world during 2017-2021. This initiative will focus on a number of different markets, but it will be primarily focused on three primary regions: Australia, Africa (excluding North Africa), and Latin America. It’s also important to note that because every project is different, every project will also have its own execution timeline so details here will be a bit more varied than other pages.
According to our strategy, we have already invested $215 million in copper infrastructure projects to date and we have $62 million of projects that are underway for 2017, 2018, 2019 and forecasted for the 2020 financial year (FY). These investments will further enhance our ability to adapt and grow in a competitive environment.
In Australia, we will be focusing on projects in Queensland, New South Wales and Northern Territory. We have made significant progress on the Blackwater tin mill site in Queensland where we expect to be in a position to construct shovels in the first half of 2017 and continue operations through mid-2017. As an additional objective this financial year, we will also be working closely with Newmont Mining Corporation on the expansion of the Blackwater tin mill site. This is expected to help mitigate near term costs for both companies for construction of two new mine shafts at Blackwater.
In New South Wales and Northern Territory, we will also be focusing on two primary project types: the expansion of a production facility, and the construction of new infrastructure. The next step in our strategy is a major expansion at Chinese-owned Argyle Diamond Mine.