Teck Reports Unaudited Second Quarter Results for 2026
Teck reports record earnings driven by copper price gains and strong QB production, with the Anglo merger catalyst remaining intact.
Teck Resources Limited reported unaudited second-quarter 2026 results featuring Adjusted EBITDA of C$2.2 billion, a 204% increase year-over-year, and adjusted earnings per share of C$1.93. The performance was driven by copper production of 135.9 kilotonnes, up 25% year-over-year, at an average realized price of US$6.05 per pound.
Quarterback operations produced 55.8 kilotonnes of copper and 840 tonnes of molybdenum, with net cash unit costs of US$1.83 per pound, marking the third consecutive quarter of stable operation. The company reaffirmed its full-year 2026 guidance, unchanged from previous estimates, projecting copper production between 455,000 and 530,000 tonnes, zinc production between 410,000 and 460,000 tonnes, and costs of US$1.85 to US$2.20 per pound of copper.
The merger with Anglo American remains on track with regulatory approvals progressing, and an investment agreement for the Trail critical-minerals expansion was noted. Additionally, Teck introduced third-quarter Red Dog zinc-in-concentrate sales guidance of 220,000 to 270,000 tonnes.
Teck Resources Limited (TECK) reported second-quarter 2026 results that materially exceeded year-ago comparisons, demonstrating sustained operational improvement at theQB mine. Costs are falling and output remains consistent. The company reaffirmed its 2026 guidance, signaling confidence, though the absence of an upward revision tempers the positive surprise.
The market’s reaction to the print, unknown as of writing, will hinge on whether the strong copper price and QB stability were already priced in.
The merger remains a major upcoming catalyst, with synergies still unchanged at US$800 million pre-tax annually. This release is a clear, material positive for the investment thesis.
Teck Resources Limited is a Canadian diversified miner focused on copper, zinc, and steelmaking coal, with coal sales not detailed post-2024. Its key producing assets include Quebrada Blanca in Chile, held on a 100% basis and currently ramping up; Highland Valley Copper in Canada, held on a 100% basis with a mine life extended to 2046; Antamina in Peru, in which it holds a 22.5% interest; Carmen de Andacollo in Chile, held 100%; Red Dog in Alaska, a zinc-lead operation; and the Trail metallurgical complex in Canada, which handles zinc refining and critical minerals.
The pending merger with Anglo American will add Collahuasi, Los Bronces, and other copper and iron-ore assets, creating Anglo Teck with approximately 1.2 Mtpa of copper production.