Canadian mining company Teck (NYSE: TECK) is preparing to shift its zinc exports from the United States to Asian markets in response to recent tariffs imposed by the Trump administration, CEO Jonathan Price announced Tuesday at the PDAC mining industry conference in Toronto.
The company, which traditionally sells the majority of its refined zinc to US buyers, has been developing contingency plans for months in anticipation of trade tensions. These preparations include securing additional warehousing capacity and port space within Canada to facilitate exports to Asian markets.
“We have been reserving warehousing capacity, looking to reserve space in ports to export the metals to Asia,” Price stated during the conference. “We will find buyers and prices will adjust.”
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Teck produces approximately 260,000 metric tons of refined zinc annually, representing less than a third of total US demand, which reached 848,000 metric tons in 2024 (about 6% of global demand), according to the International Lead and Zinc Study Group. Financial firm BNP Paribas estimates that the United States imports 62% of its zinc requirements, primarily from Canada and Mexico.
The 25% tariffs on imports from Canada and Mexico took effect on Tuesday, creating new trade conflicts with America’s three largest trading partners. Economic analysts anticipate that US companies will ultimately bear the costs of these tariffs.
Price expressed concern about the broader economic impact, stating that he expects the tariffs to increase commodity costs and drive inflation, adding that “there is little upside” to the situation.
Teck is not alone in its response to the tariffs. Vale Base Metals (NYSE: VALE), which sells Canadian-produced nickel to the US, is also exploring adaptation strategies. “We are talking to everyone on this to see how this can be resolved,” Vale Base Metals Chair Mark Cutifani told reporters.
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