Copper Mining Drives Teck's Adjusted Q1 EBITDA Growth

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Written by Amir Richani for IIR News Intelligence (Sugar Land, Texas)

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Summary

High copper prices, sales and production drove Teck's strong Q1 financial results. Meanwhile, despite earlier setbacks, Teck continues to increase output from the Quebrada Blanca mine.

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A Good Q1 for Teck

Canada's Teck Resources reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of C$2.1 billion (US$1.5 billion) during Q1, a 125% increase from last year, driven by high copper prices, record sales during the quarter and higher byproduct prices. The company's profit before taxes totalled C$1.3 billion (US$950 million) during that period. According to Industrial Info Resources data, there are 42 Teck projects worldwide with a combined estimated investment value of US$22.3 billion.

The company's copper segment led the financial and operational results in Q1, generating C$1.8 billion (US$1.3 billion) in gross profit before depreciation and amortization. Teck produced 140,000 tonnes of copper, up from 106,000 tonnes in Q1 last year.

The increase was driven by higher production from Chile's Quebrada Blanca mine, which went through an extended shutdown in the first quarter of 2025, and by better performance at the Highland Valley mine in British Columbia and the Antamina mine in Peru.

In Q1, Quebrada Blanca produced 55,500 tonnes of copper, up from 42,300 in 2025. Last year, Teck reported that Quebrada Blanca's production was constrained by the pace of tailing management facility (TMF) development, which triggered lower production targets for both the mine and company.

In April, the company reported TMF development had progressed as planned, supporting operations with Rock Bench 4's completion. The company will focus on mechanical rock benches, sand dam construction and equipment to restore normal production this year.

Besides stronger output from Quebrada Blanca, Highland Valley produced 10,700 more tonnes in this year's first quarter than in Q1 2025, while Antamina (100% basis) produced 40,600 more tonnes year over year due to higher-grade copper-only ore.

For this year, Teck expects to produce between 455,000 and 530,000 tonnes of copper.

Key Projects

Among the company's key projects that Industrial Info Resources is tracking is the Highland Valley mine life extension, estimated at more than US$1.6 billion and expected to be completed in 2028. Subscribers to the Industrial Info Resources Global Market Intelligence (GMI) Project Database can learn more by viewing the project report.

Greenfield projects currently being advanced by the company include the Zafranal copper-gold mine in Peru and the San Nicolas mine in Mexico.

Zinc

Teck's zinc concentrate output was 106,000 tonnes in Q1, below last year's 117,000, while refined zinc rose from 58,000 to 74,000 tonnes. Lower concentrate resulted from grades, while higher refining came from the plant running at full capacity most of the quarter.

The company's zinc segment generated gross profits of C$359 million (US$262 million) throughout Q1.

Teck-Anglo American Merger

Teck reported progress on its merger with Anglo American, receiving approval from South Korea in Q1 and pending Chinese approval. "We are making good progress on our integration planning work to ensure readiness to and to position the combined business to hit the ground running from day one," said Jonathan Price, Teck's chief executive officer.

The merger was expected to be finalised within 12 to 18 months of the September 2025 announcement.

Key Takeaways

• Teck reported Q1 EBITDA of C$2.1 billion, a 125% increase from last year.
• Teck produced 140,000 tonnes of copper, up from the 106,000 tonnes reported during Q1 last year.
• Teck expects its merger with Anglo American to be completed by January 2027.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).