Teck Resources outperformed fourth-quarter profit forecasts, buoyed by a notable uptick in copper prices and production, the company said. The stronger results coincide with progress toward a proposed merger with Anglo American, which shareholders of both firms approved in December, leaving regulatory approvals as the remaining obstacle to closing the transaction.
The companies first unveiled the terms of the deal in September. The agreement is structured as an all-stock, nil-premium merger valued at $53 billion and would position the combined entity as the world’s fifth-largest copper producer if completed.
Teck highlighted a 22.5% rise in realized copper prices during the fourth quarter, reaching $5.11 per pound. Copper production for the quarter increased by almost 10%, amounting to 134,000 tons. The company attributed higher output to a combination of improved throughput and grades at specific operations.
In a company statement, Teck pointed to higher throughput and grades at Highland Valley Copper, elevated grades at Antamina, and increased throughput at Carmen de Andacollo as contributors to the quarter-on-quarter production gain. The miner also reported progress at the Quebrada Blanca (QB) mine in Chile, where development of a tailings management facility supported an improvement in performance.
While copper output at QB totaled 55,400 tons in the fourth quarter, that figure was lower than the same period in the prior year. Teck noted, however, that this level represented its strongest quarterly performance of 2025.
For the quarter ended December 31, Teck recorded adjusted earnings of C$1.37 per share, exceeding the analysts’ average estimate of 91 Canadian cents compiled by LSEG. The company confirmed its copper production outlook for 2026, maintaining a range of 455,000 to 530,000 tons.
Both Teck and Anglo have undergone substantial restructuring in recent years, a process the companies say was in part driven by prior takeover attempts. The planned merger is intended to create a larger, more concentrated copper producer amid growing demand linked to electrification and the energy transition, areas where copper plays a central role.
Implications for markets and sectors
- Mining sector: Teck’s results underscore heightened exposure to copper prices and production trends.
- Commodities and energy transition-related markets: Copper’s role in electrification ties miner performance to broader demand drivers for clean-energy technologies.