Canadian mining company Teck Resources is altering its zinc export strategy in response to the US tariffs imposed on Canadian imports, reported Reuters.
CEO Jonathan Price announced the company’s intention to pivot towards Asian markets at the Prospectors & Developers Association of Canada (PDAC) mining industry conference in Toronto.
Teck has traditionally sold most of its refined zinc to the US but has been developing a contingency plan for months.
“We have been reserving warehousing capacity, looking to reserve space in ports to export the metals to Asia,” Price said.
The additional warehousing and port spaces would be in Canada, according to a company representative.
While the exact volume of zinc Teck exports to the US was not specified, the shift in strategy is a direct response to the 25% tariffs initiated by President Donald Trump’s administration, affecting trade relations with Canada, Mexico and other key partners.
The company stated that the tariffs are expected to raise commodity costs and drive inflation.
Teck produces approximately 260,000 tonnes of refined zinc annually, less than a third of total US demand, according to the International Lead and Zinc Study Group.
Vale Base Metals chair Mark Cutifani also expressed concerns about the tariffs, indicating that the company is seeking ways to adapt. “We are talking to everyone on this to see how this can be resolved,” Cutifani said to reporters.
Price criticised the US tariff policy, describing the economic decisions as being made “without adults in the room”, reported Bloomberg.
