More Copper Means More Profits for Teck Resources

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

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Summary

Teck Resources reported stronger copper production across all its operations for second-quarter 2026, as well as advanced permitting for its Zafranal and San Nicolas projects.

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Copper is Where it's At

Teck Resources Limited's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for second-quarter 2026 jumped 204% over the same period in 2025, driven by a 25% increase in copper production, higher commodity prices, and increased revenues from by-product. The results were fueled by stronger copper production across all the company's operations.

Teck reported adjusted EBITDA of 2.19 billion Canadian dollars (US$1.55 billion) in second-quarter 2026, an increase of C$1.5 billion (US$1.06 billion) or 204% when compared with the same period last year, driven by stronger copper production, higher copper prices, and more revenue from by-product sales.

Teck's total gross profit rose from C$471 million (US$333 million) in second-quarter 2025 to C$1.67 billion (US$1.18 billion) in second-quarter 2026.

This was partly the outcome of higher copper production, which increased 25% year-over-year to 135,900 tonnes, thanks to stronger output from all of the company's assets. Highland Valley in Canada and Antamina in Peru increased production due to higher grades, as expected. At the same time, Quebrada Blanca in Chile increased production amid continued operational stability and progress on the asset's tailings management facility (TMF).

Quebrada Blanca reached an output of 55,800 tonnes in the second quarter, 3,100 tonnes more than in the same period last year, and recorded a third consecutive stable quarterly performance. The mine had faced operational setbacks in 2025, though Teck reported progress on the TMF with the completion of Rock Bench 5 and upgrades to the cyclone station. Teck expects to complete the construction of the secondary cyclone station in the fourth quarter, which will improve sand deposition performance.

The company is considering an early start on some of the TMF work planned for 2027 by constructing Rock Bench 6 in the fourth quarter of this year. Accelerating the timeline would require an additional US$100 million of capital expenditures.

Industrial Info Resources offers more information on these developments in its Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases, where readers can find details--including construction schedules, investment values and necessary equipment--in profiles of the Highland Valley, Antamina and Quebrada Blanca mines, and a full list of reports for projects at Quebrada Blanca.

For this year, Quebrada Blanca is expected to produce between 200,000 and 235,000 tonnes of copper, up from the 190,000 tonnes recorded in 2025.

"At Quebrada Blanca, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world's most important new copper operations," said Jonathan Price, the chief executive officer of Teck, a quarterly earnings-related statement.

Meanwhile, the company's Highland Valley copper mine produced 42,800 tonnes of copper in the second quarter of 2026, a 10,400-tonne increase from the same period last year, mainly due to increased mill throughput as well as higher grades and recoveries.

Antamina's copper production reached 108,500 tonnes in the second quarter, a 43,500-tonne increase from the same period last year. The increase was driven primarily by the extended shutdown of the mine in 2025 due to a fatality, as well as a larger proportion of copper-only ore production.

Finally, the Carmen de Andacollo mine in Chile produced 12,800 tonnes of copper, a 3,400-tonne increase thanks to higher grades and recoveries and increased mill throughput. Readers can learn more from a detailed plant profile.

For this year, Teck expects to produce between 455,000 and 530,000 tonnes of copper, compared to 453,500 tonnes recorded in 2025.

Zinc and Other Products

Teck produced 124,200 tonnes of zinc in concentrate in the second quarter, down from 168,600 tonnes in the same period last year. Refined zinc production from Trail Operations was 49,800 tonnes, broadly stable compared with 50,900 tonnes in second-quarter 2025.

The decrease in zinc concentrate was mainly due to lower grades from the Red Dog Mine in Alaska, where the company is progressing with a prefeasibility study for a proposed expansion, with capital expenditures forecasted between C$200 million and C$250 million (US$141 million and US$177 million). Readers can learn more from a detailed plant profile.

For this year, zinc concentrate production guidance has been set for 410,000 to 460,000 tonnes, lower than the 565,000 tonnes recorded in the previous year. Meanwhile, refined zinc production is set for 190,000 to 230,000 tonnes.

Molybdenum production, a by-product of copper operations, reached 1,200 tonnes in the second quarter, compared with 840 in second-quarter 2025.

Greenfield Growth and Expansions

Teck continues to move forward with its Zafranal project in Peru by securing legal authorizations in May to construct its processing facility. Once operational, Zafranal is set to produce 126,000 tonnes of copper anually during its first five years of operations. Readers can learn more from a plant profile and a detailed list of project reports.

Meanwhile, the company also received in May a key land use permit for its San Nicolas mine in Mexico. This project is expected to have output of 63,000 tonnes of copper and 147,000 tonnes of zinc anually during its first five years of operations. Readers can consult a detailed project report.

According to Industrial Info Resources data, Teck is at work on 45 active and proposed projects worldwide, amounting to more than US$23 billion of investment. Industrial Info offers more details in a full list of project reports.

Key Takeaways

• Teck Resources recorded an adjusted EBITDA of C$2.2 billion in the second quarter of 2026, up 204% year-over-year.
• Copper production rose 25% year-over-year to 135,900 tonnes.
• Zinc concentrate production fell to 124,200 tonnes in the second quarter, while refined zinc production was broadly stable at 49,800 tonnes.

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