Teck Q1 results underpinned by record copper sales
Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) has announced its unaudited results for the first quarter of 2026 as it works to close a merger with South African giant Anglo American Plc [LON-AAL].
“We delivered a very strong start to 2026, underpinned by record quarterly copper sales, strong commodity prices, and disciplined execution across our operations,’’ said Teck President and CEO Jonathan Price. “Quebrada Blanca (QB) delivered robust and consistent performance, achieving all-time high quarterly copper sales and ongoing operational stability,’’ he said. “Our quarterly financial results demonstrate the resilience and potential of our portfolio and the strength of our balance sheet.” Moving forward, he said the company is focused on advancing the previously announced merger of equals with Anglo American to form Anglo Teck, a global critical minerals champion headquartered in Canada. However, the merger plan remains subject to customary closing conditions, including regulatory approvals.
The combined company aims to emerge as a top five global copper producer with combined annual copper production of 1.2 million tonnes, increasing by 10% to 1.35 million tonnes from a portfolio of long-life assets including the Collahuasi, Quebrada Blanca, and Los Bronces mines in Chile, the Antamina and Quellaveco mines in Peru and Highland Valley Copper mine in British Columbia.
Anglo Teck will also rank as a major producer of iron ore, and one of the world’s largest producers of zinc via the world-class Red Dog mine in Alaska and fully-integrated zinc and lead smelting and refining facilities at Trail, B.C.
Meanwhile, Teck Resources reported adjusted EBITDA of $2.1 billion in the Q1 2026, an increase of $1.2 billion or 125% higher than the same time last year, driven by record quarterly copper sales volumes, significantly higher copper prices and increased revenue from by-products. Profit before taxes was $1.3 billion in Q1 2026.
Adjusted profit attributable to shareholders in Q1 2026 was $858 million or $1.75 a share, compared to $303 million or 60 cents in the same period last year. Profit attributable to shareholders was $819 million or $1.67 per share.
Cash flow from operations of $1.0 billion increased the company’s net cash position by $338 million at March 31, 2026
Teck’s copper segment generated gross profit before depreciation and amortization of $1.8 billion in the first quarter of 2026, compared to $704 million in the same period last year, primarily driven by record copper prices, which averaged US$5.83 per pound in the Q1 2026, and record quarterly sales volume. Gross profit in the copper segment was $1.4 billion in Q1.
The zinc segment generated gross profit before depreciation and amortization of $387 million in Q1 2026, compared to $225 million in the year ago period, driven by higher commodity prices and continued focus on cash flow generation via an optimized feed strategy at the Trail operations. Gross profit from the zinc segment was $359 million in Q1, 2026 of which $257 million was related to Trail.
Teck’s Class B common shares rose 5.49% or $4.45 to $85.50 in early trading Thursday. The shares trade in a 52-week range of $85.41 and $42.95.
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