VANCOUVER, B.C. – Teck Resources Limited reported unaudited fourth quarter results for 2025, citing strong financial performance driven by higher copper prices and progress toward a proposed merger with Anglo American plc. The company’s president and CEO, Jonathan Price, highlighted the results as demonstrating “strong momentum” and positioning Teck to deliver on its business plans and the integration of the two mining giants.
Adjusted EBITDA for the quarter reached $1.5 billion, a $678 million increase year-over-year, according to Teck. Profit from continuing operations before taxes was reported at $792 million. The results were bolstered by copper prices averaging US$5.03 per pound during the fourth quarter, closing at US$5.67 per pound at year-end.
A key development during the quarter was shareholder approval of the merger with Anglo American on December 9, 2025, and subsequent regulatory approval from the Government of Canada under the Investment Canada Act on December 15, 2025. The merger, intended to create a new global critical minerals champion headquartered in Canada, is still subject to approvals in multiple jurisdictions, Teck stated.
Progress was also reported on the Quebrada Blanca (QB) Operations site, with copper production reaching 55,400 tonnes in the fourth quarter, a 15,800-tonne increase from the previous quarter. This improvement was attributed to the ongoing development of the tailings management facility (TMF) and operational stability initiatives. Molybdenum production at QB also reached a record high of 690 tonnes for the quarter.
Teck noted that development of the QB TMF is proceeding as planned, with improvements in sand drainage rates and dam construction. The company completed the replacement of cyclone technology to reduce ultra-fines in the sand and implemented refined sand placement improvements. Shiploader repairs at QB’s port facility were completed in January 2026, with normal operations resuming in early February.
The company’s annual High-Potential Incident (HPI) frequency rate improved to 0.06, the best result achieved for Teck-controlled operations and a 50% decrease from the previous year. Teck was also recognized as one of Canada’s Top 100 Employers for the ninth consecutive year.
Looking ahead, Teck reaffirmed its 2026 guidance for all operated sites, with updated zinc in concentrate production guidance for Antamina set between 35,000 and 45,000 tonnes. Jonathan Price, who was appointed President and CEO of Teck in November 2023, previously served as Chief Executive Officer and Chief Financial Officer, joining the company in October 2020, according to company information. Prior to Teck, Price held positions at BHP from 2006 to 2020, including Chief Transformation Officer.
The proposed merger is expected to deliver annual pre-tax synergies of approximately US$800 million, with 80% realized within two years of completion. Anglo Teck will also aim to optimize the value of the Collahuasi and Quebrada Blanca assets to realize US$1.4 billion in annual average underlying EBITDA from 2030-2049.
