Teck Announces 2025 Production and Sales Update and Reaffirms Outlook

Executive Summary

• Teck provided unaudited Q4 2025 production and sales volumes, showing copper production of 134.1 kt (Q4) and annual 453.5 kt, in line with guidance.
• Zinc‑in‑concentrate annual production reached 565 kt, at the high end of its disclosed range; refined zinc production was 229.9 kt, also near the top of guidance.
• Positive settlement pricing adjustments of $295 million are expected for Q4 2025 due to higher base‑metal prices.

Key Details

• Q4 2025 Copper Production: 134.1 kt (vs. guidance 415–465 kt annual). Site breakdown – Quebrada Blanca 55.4 kt, Highland Valley Copper 37.1 kt, Antamina (22.5% share) 26.4 kt, Carmen de Andacollo 15.2 kt.
• Q4 2025 Copper Sales: 118.6 kt; lower than production because of inventory build‑up at Quebrada Blanca caused by weather/sea delays.
• Annual 2025 Copper Production: 453.5 kt, within previously disclosed guidance (415–465 kt).
• Q4 2025 Zinc in Concentrate Production: 108.6 kt; sales 157.2 kt (Red Dog shipments completed early in quarter).
• Annual 2025 Zinc in Concentrate Production: 565 kt, at the high end of guidance (525–575 kt).
• Annual Refined Zinc Production: 229.9 kt, near top of guidance range (190–230 kt); focus on processing residues to improve profitability.
• Pricing Adjustments: Expected positive settlement pricing adjustments of $295 million for Q4 2025 due to higher base‑metal prices.
• Guidance Updates: No change to 2026‑2028 production guidance; however, Antamina zinc in concentrate guidance lowered to 35–45 kt (down from 55–65 kt) reflecting an updated mine plan. Copper guidance for Antamina unchanged at 95–105 kt.
• Cost Guidance: No change to previously disclosed 2026 net cash unit cost guidance for copper or zinc segments.

Notable Quotes

(No direct quotes were included in the release.)