Teck Resources Limited (TECK)

Teck Resources reported third-quarter 2026 adjusted EBITDA (a measure of operating earnings before interest, taxes and depreciation) of C$2.3 billion on 28 October, up 97 percent from a year earlier 1.

Teck said the rise came mainly from higher copper and zinc prices, higher by-product revenues and lower smelter processing charges 1. Revenue was C$4.5 billion, against C$3.4 billion a year earlier 1. Adjusted profit was C$923 million, or C$1.88 per share, against C$372 million, or C$0.76 per share 1.

Copper output of 115,700 tonnes was 11 percent higher than a year before 1. Quebrada Blanca (QB), the Chilean mine in which Teck owns 60 percent, made 47,200 tonnes, down from 55,800 tonnes in the second quarter, after severe weather in August 12. Teck left its 2026 QB guidance of 200,000 to 235,000 tonnes unchanged 1.

The planned merger with Anglo American remains on track to close within the 12 to 18 months first stated, Teck said 1. MLex reported on 20 October that Anglo American still expects to finish by March 2027, with China's competition regulator yet to approve 7.

The Canadian Press reported on 26 October that workers at the Highland Valley Copper mine had begun a strike on Saturday 5. Teck said operations continue at reduced capacity, and the effect on production depends on how long the strike lasts 5.

Teck is a Canadian miner focused on copper and zinc 2. In 2023 it reached a turning point when Quebrada Blanca, its new Chilean copper mine, produced its first copper in March 2. The company also completed the sale of its interest in the Fort Hills oil sands business to Suncor Energy and TotalEnergies EP Canada 2.

Later that year Teck announced it would sell its entire steelmaking coal business, a majority stake to Glencore and minority stakes to Nippon Steel and POSCO Canada 2. The Nippon Steel and POSCO sales closed in January 2024 and the Glencore sale in July 2024 2. This ended the coal era and left copper and zinc as the two reportable segments 2.

Reported revenue, which leaves out discontinued operations, was C$6.5 billion in 2023, C$9.1 billion in 2024 and C$10.8 billion in 2025 32. Profit attributable to shareholders was C$2.4 billion in 2023, while the loss from continuing operations was C$118 million 3.

In 2024 the last major construction at Quebrada Blanca, including the shiploader and the molybdenum plant, was completed in the first quarter 2. In July 2024 Teck bought and cancelled US$1.4 billion of its public notes through a bond tender 2. In August 2024 it announced a new business structure to become a pure-play energy transition metals company 2.

Quebrada Blanca made 190,000 tonnes of copper in 2025, down from 207,800 tonnes in 2024, because its tailings storage facility (where mill waste is kept) rose too slowly and forced stops at the concentrator 3.

Cash flow from operations fell to C$1.5 billion in 2025 from C$2.8 billion in 2024 3. Dividends declared were C$0.50 per share in 2025, against C$1.00 in 2024 3. Revenue still rose 18.7 percent (computed) over the year 3.

At Highland Valley Copper, the B.C. Government issued the environmental certificate for the mine life extension on June 17, 2025, and the Board approved construction on July 23, extending operations from 2028 to 2046 2.

On 2 September 2025 Teck disclosed a comprehensive operations review aimed at improving performance and reviewing guidance, and in October it released the results, including an update on Quebrada Blanca 2.

The biggest turning point came on 9 September 2025, when Teck signed an arrangement agreement with Anglo American to form Anglo Teck 2. Anglo American is to issue 1.3301 of its shares for each Teck share 2. Shareholders of both companies approved it on 9 December 2025, a British Columbia court on 12 December and Canada on 15 December 24.

What Teck sells

Teck's principal products are copper and zinc, with lead concentrates, silver, gold, molybdenum and specialty metals alongside 2. In 2025 copper brought C$5.829 billion of revenue (54 percent), zinc C$2.534 billion (24 percent) and other products C$2.393 billion (22 percent) 2.

Copper concentrates, a powder rich in the metal that smelters refine, go mostly to Asia, Latin America and Europe under long-term contracts, with treatment and refining charges negotiated each year 2.

Highland Valley Copper

Teck owns all of Highland Valley Copper, an open pit mine about 50 kilometres southwest of Kamloops, British Columbia 2. Its plant can process up to 160,000 tonnes of ore a day, and 32 autonomous-capable haul trucks work the Lornex pit 2.

In the third quarter the mine earned C$559 million of gross profit before depreciation and amortization, against C$189 million a year earlier 1. About 1,200 workers represented by United Steelworkers Local 7619 are on strike, and the old agreement ran out on 30 September 56.

Quebrada Blanca

Quebrada Blanca sits about 4,400 metres above sea level in northern Chile 2. Teck has an indirect 60 percent, Sumitomo Metal Mining and Sumitomo Corporation 30 percent together, and Chile's state miner Codelco a 10 percent carried interest 2.

In the third quarter throughput averaged 117,000 tonnes a day, recoveries were 81.1 percent and grades averaged 0.55 percent 1. Net cash unit costs, a measure of the cost of each pound after by-product credits, were US$2.48 per pound, against US$2.91 a year earlier 1.

Antamina and Carmen de Andacollo

Teck indirectly owns 22.5 percent of Antamina, the copper and zinc mine in Peru; BHP Billiton plc has 33.75 percent, Glencore 33.75 percent and Mitsubishi Corporation 10 percent 2. Teck reported a fatality at Antamina on 27 October 1.

Teck owns 90 percent of the Carmen de Andacollo copper mine in Chile, and the state mining company ENAMI has the other 10 percent as a carried interest 2. Extreme weather caused an extended shutdown there in the third quarter 1.

Zinc: Red Dog and Trail

The Red Dog zinc and lead mine in Alaska is fully owned by Teck on land leased from NANA Regional Corporation 2. The NANA royalty is 40 percent of net proceeds and was US$372 million in 2025 2. Red Dog sold 246,700 tonnes of zinc in concentrate in the third quarter 1.

Trail Operations in British Columbia is an integrated smelting and refining complex with capacity of about 300,000 tonnes of refined zinc a year, and it also recovers indium and germanium 2. In the third quarter Teck booked a pre-tax impairment reversal of C$888 million there, and the zinc segment earned C$638 million of gross profit before depreciation and amortization 1.

Growth projects

Galore Creek in British Columbia is a 50:50 partnership between Teck and Newmont 2. Schaft Creek is a joint venture with Copper Fox Metals in which Teck owns 75 percent and is the operator 2. San Nicolás in Mexico is a 50/50 venture with Agnico Eagle, and the NewRange copper-nickel project is a 50/50 venture with PolyMet 2.

People and problems

Jonathan Price is president and chief executive 1. Teck and Anglo American named the future executive team of the combined company on 30 July 2026, to take effect on completion of the merger 1.

Union talks opened on 9 June, broke down on 8 October, and 944 members voted on 16 and 17 October on strike notice 6. Teck says it is committed to an agreement that is fair and reasonable 6.

On 24 July 2026 Teck Metals Ltd. asked the US Supreme Court to hear its case against the Confederated Tribes of the Colville Reservation 8. In October the Court invited the Solicitor General to file a brief giving the views of the United States 8.

The umbrella, in words

Teck's material subsidiaries include Teck Metals Ltd., Teck Highland Valley Copper Partnership, Teck Alaska Incorporated, Compañía Minera Teck Quebrada Blanca S.A. (60 percent held) and Compañía Minera Teck Carmen de Andacollo S.A. (90 percent held) 2.

Teck agreed a US$40 million equity investment in Bunker Hill Mining Corp., which closed on 5 June 2025 2. Its Antamina stake is 22.5 percent, and its Galore Creek, San Nicolás and NewRange ventures are each held 50 percent with a partner 2.

The Highland Valley property covers about 50,000 hectares, and Quebrada Blanca's mining rights cover about 138,141 hectares 2. Teck's share structure has Class A common shares with 100 votes each and Class B subordinate voting shares with one vote 2.

For 2026 Teck expects copper production of 455 to 530 thousand tonnes, zinc in concentrate of 410 to 460 thousand tonnes and refined zinc of 190 to 230 thousand tonnes 1. It expects Highland Valley copper, Red Dog zinc and Trail refined zinc to land toward the high end of their ranges, and Carmen de Andacollo at the low end 1.

Teck cut its 2026 guidance for copper net cash unit costs to US$1.80 to US$2.00 per pound from US$1.85 to US$2.20 1. It expects sustaining capital spending in the top half of C$1.3 to C$1.5 billion because of the Rock Bench 6 work at Quebrada Blanca 1.

At Quebrada Blanca, Teck expects Rock Bench 6 and the permanent tailings pipeline to be finished in the first quarter of 2027, and the secondary cyclone station to be commissioned in the same quarter 1. It expects Red Dog zinc sales of 65,000 to 75,000 tonnes in the fourth quarter 1.

At Highland Valley, construction of the mine life extension is expected to run from 2026 to 2028, with first extra production in 2028 and a possible rise in throughput of up to 10 percent 2.

Teck says the strike could affect production and guidance, and that the effect depends on its length 56.

Teck expects the Anglo American merger to close about 11 trading days after the last condition is met or waived, and Anglo American told regulators in October it still expects completion by March 2027 17.

The companies expect annual pre-tax synergies of about US$800 million, with around 80 percent realized on a run-rate basis by the end of the second year after completion 1. They also see a possible US$1.4 billion (100 percent basis) of average yearly underlying EBITDA uplift from 2030 through 2049 from the Quebrada Blanca and Collahuasi assets 1.

As conditions of Canada's approval, Anglo Teck agreed to spend at least C$4.5 billion in Canada within five years and to proceed with the Highland Valley mine life extension 4. Anglo Teck is to have its head office in Vancouver 4.

In the Colville case, the Supreme Court's next step awaits the Solicitor General's brief 8. On 12 May 2029, the Class A common shares are to be exchanged automatically for Class B shares, under the 2023 share terms 2.