%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment %TeckResources (NYSE: $TECK ) has announced plans to proceed with a $2.4 billion extension of its Highland Valley %Copper Mine in British Columbia, Canada. The extension is being billed as one of the largest private sector critical-mineral investments in Canada's history. Teck Resources said the project will extend the life of the mine from 2028 to 2046 and help meet surging demand for copper, which is a critical element used in electric vehicles and solar panels, among other uses. The Vancouver-based company said it would start construction on the copper mine extension this August after recently receiving the required permits. The project is expected to create about 2,900 jobs and generate $435 million U.S. in economic benefits during the construction phase. Once completed, the mine will support 1,500 jobs over its life cycle through 2046. Teck Resources said its goal is to double its copper production by the end of the decade. Production from the expanded Highland Valley copper mine is expected to average 132,000 tonnes per year over its lifetime, the company added. Teck has said previously that it expects demand for copper to double by the middle of the century as the world shifts to a low-carbon economy. The $2.4 billion extension will involve new infrastructure at the mine site, expansion of the mining-equipment fleet, grinding-circuit upgrades, increased capacity for tailings storage, and improvements to power and water systems. TECK stock has declined 14% this year to trade at $35.12 U.S. per share in New York.