Teck Resources Profit Rises on Record Copper Sales
The mining company reported adjusted profit attributable to shareholders of $858 million for the first quarter of 2026
Teck Resources Limited (TECK), the mining company, reported a significant increase in profitability for the first quarter of 2026, driven by record copper sales volumes and higher commodity prices. The company's revenue rose to $3,943 million from $2,290 million in the same period last year.
Adjusted profit attributable to shareholders reached $858 million, or $1.75 a share, compared to $303 million, or $0.60 a share, in the first quarter of 2025. Profit attributable to shareholders was $819 million, or $1.67 a share. Adjusted EBITDA for the period was $2.1 billion, a 125% increase over the $1.2 billion reported in the prior-year quarter.
The copper segment was the primary driver of growth, generating gross profit before depreciation and amortization of $1.8 billion compared to $704 million in the first quarter of 2025. This performance was supported by record copper prices, which averaged US$5.83 per pound. The Quebrada Blanca (QB) operation achieved a quarterly record of 70,300 tonnes in copper sales volumes, which exceeded its production of 55,500 tonnes as the company drew down inventory.
In the zinc segment, sales volumes in concentrate fell to 69,700 tonnes, down 38,700 tonnes from the previous year. This decline resulted from lower sales at Red Dog, though Red Dog's specific sales volumes of 52,400 tonnes exceeded the high end of the company's previously disclosed guidance.
Cash flow from operations was $1.0 billion, increasing the company's net cash position by $338 million as of March 31, 2026. Total liquidity stood at $9.8 billion as of April 22, 2026, including $5.7 billion in cash. The company paid $61 million in base quarterly dividends during the period and did not execute share repurchases, as the normal course issuer bid was not renewed following the announcement of a merger.
Teck is currently advancing a merger of equals with Anglo American to form Anglo Teck. While shareholders of both companies approved the merger on December 9, 2025, and the Government of Canada provided regulatory approval on December 15, 2025, the transaction remains subject to customary closing conditions and further regulatory approvals.
Looking forward, the company maintained its 2026 production guidance, forecasting copper production between 455,000 and 530,000 tonnes and zinc production between 410,000 and 460,000 tonnes. Teck anticipates higher freight costs through the second quarter of 2026 and a flow-through increase in explosives costs due to conflict in the Middle East.