VANCOUVER, May 8 (Reuters) - Teck Resources Ltd is still mining some parts of the Lornex and Valley pits of its Highland Valley Copper operation in Western Canada after water inflow resulted in a suspension of some work in those areas, it said on Monday.
The Vancouver-based company is expecting to shift some mining activity to Highland Valley’s Highmont pit in the short term, a spokesman said.
Teck said in a statement late on Sunday that unusual spring weather and rapidly melting snow had caused water to flow into two pits at its Highland Valley site near Kamloops in British Columbia.
The company is assessing the impact on production and looking at ways to remove the water. It expects the assessment to take a few days.
Highland Valley accounts for 35 percent of Teck’s copper production and 6 percent of the company’s total revenue, RBC analyst Stephen Walker said in a note to clients.
Highland Valley is expected this year to produce between 95,000 and 100,000 tonnes of copper and approximately 9 million to 9.5 million pounds of molybdenum, a metallic element used to toughen steel, contained in concentrate.
The Teck spokesman said water inflow of this kind had not happened before.
Shares in Teck, which also produces zinc, coal and precious metals, were down 1.9 percent at C$24.82 on the Toronto Stock Exchange, in line with other miners as the price of copper hit a four-month low. (Reporting by Nicole Mordant in Vancouver; Editing by Lisa Von Ahn)