Teck Resources Class A Stock Earnings Reports

Teck reported Q3 2025 adjusted EBITDA of $1.2 billion (up 18% YoY) driven by higher base metals prices, byproduct revenues and lower smelter charges. The quarter was highlighted by a announced merger-of-equals with Anglo American to form “Anglo Tech,” creating a top-five copper producer (~1.2 Mtpa copper) and targeting significant value: ~175 ktpa incremental copper from adjacencies, ~ $1.4 billion annual underlying EBITDA uplift from adjacencies (100% basis) and ~$800 million per year of identified recurring corporate synergies (≈80% capture expected within two years post-close). Teck completed a comprehensive operational review, updated conservative, risk-adjusted plans and set a QB (Quebrada Blanca) action plan focused on tailings management / sand drainage to enable unconstrained mill throughput, with steady-state operation expected from 2027 onward. Operational performance was solid outside QB (Red Dog, Trail, Highland Valley, Carmen de Andacollo), Red Dog ran a strong shipping season and trade receivables built in Q3 have largely been collected in October, supporting cash. Liquidity remains strong at $9.5 billion (including $5.3 billion cash). Teck has paused share buybacks since July 25 ahead of the merger vote but will continue the $0.50 annual base dividend. Highland Valley mine life extension was sanctioned and entered execution to extend production to 2046. The merger vote by both shareholders is scheduled for December 9, with completion expected in 12–18 months subject to regulatory approvals (Investment Canada Act, antitrust, etc.). Management emphasized disciplined execution on operations, progression of QB remediation work, and advancing merger approvals.