Teck Resources Stock Earnings Reports

Teck reported Q3 2025 adjusted EBITDA of $1.2 billion (up 18% YoY) driven by higher base metals prices, byproduct revenue and lower smelter processing charges. The quarter’s headline was the announced merger-of-equals with Anglo American to form “Anglo Tech,” which Teck says will create a top-five copper producer, deliver ~$800 million of recurring corporate synergies and enable at least $1.4 billion/year of additional underlying EBITDA from adjacencies (notably QB–Coyaussi) over 20 years. Teck completed a comprehensive operational review, revised risk-adjusted operating plans (more conservative assumptions), and detailed an action plan to address QB’s tailings management facility (TMF) constraints. Management expects TMF work to stop constraining the mill from 2027 and is implementing cyclone and paddock design changes with early positive signs. Excluding QB, copper production rose YoY; zinc (Red Dog and Trail) performed strongly with Red Dog sales above guidance and receivables largely collected in October, supporting cash. Balance sheet remains strong with $9.5 billion liquidity ($5.3 billion cash) and continued shareholder returns via the $0.50/year dividend (paid quarterly); share buybacks suspended pending merger close. The Highland Valley mine life extension was sanctioned and has moved to execution, extending production to 2046. The merger requires shareholder votes (Dec 9) and regulatory approvals (Investment Canada Act, competition/antitrust, etc.); completion is expected within 12–18 months. Management emphasized the deal’s standalone merits even if JV outcomes with other asset partners remain to be finalized, and reiterated focus on disciplined execution across operations and projects.