Teck earnings rose in the third quarter of 2026 as higher copper and zinc prices helped lift adjusted profit attributable to shareholders to C$923 million from C$372 million a year earlier. The miner also lowered its full-year copper and zinc unit cost guidance.

Key Takeaways

  • Adjusted EBITDA rose 97% to C$2.3 billion, while copper production increased 11% year over year.
  • Severe weather disrupted copper operations, but Teck left its annual production guidance unchanged.
  • The proposed merger with Anglo American remains subject to required approvals.

Teck earnings benefit from higher metal prices

In its unaudited third-quarter results, Teck reported revenue of C$4.52 billion, up from C$3.39 billion a year earlier. Profit attributable to shareholders rose to C$1.59 billion, or C$3.24 per share, from C$281 million.

The company attributed the increase in adjusted EBITDA primarily to higher copper and zinc prices, higher by-product revenue and lower smelter processing charges. Profit before tax also benefited from an impairment reversal at its Trail operations.

Teck reported C$1.6 billion in cash flow from operations and liquidity of C$10.9 billion at September 30, including C$6.7 billion in cash. Adjusted EBITDA and adjusted profit are non-GAAP measures.

Copper production rises despite weather disruptions

Copper production increased to 115,700 tonnes in the quarter. Teck said production rose across its copper operations except Carmen de Andacollo, where extreme weather caused an extended shutdown.

At Quebrada Blanca, or QB, copper production was 47,200 tonnes, down from 55,800 tonnes in the second quarter. Teck said heavy snowfall and high winds caused power outages and equipment shutdowns in August, while wet mining conditions restricted access to higher-grade ore into September.

The company kept its 2026 QB copper production guidance at 200,000 to 235,000 tonnes. It expects Carmen de Andacollo production to be at the low end of its previously disclosed range.

Lower cost guidance and merger update

Teck reduced its 2026 copper net cash unit cost forecast to US$1.80–US$2.00 per pound from US$1.85–US$2.20, citing strong by-product prices. It also lowered its zinc net cash unit cost forecast to US$0.30–US$0.40 per pound from US$0.65–US$0.75, citing cost performance and by-product prices.

The company said its proposed merger with Anglo American remained on track to close within the previously stated 12–18 months from its announcement, while the companies work to secure required approvals. The transaction has not yet closed.

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