Teck Resources' adjusted third-quarter profit rose to C$923 million from C$372 million, as higher copper and zinc prices and lower costs lifted earnings. Reported profit of C$1.59 billion also included a one-off C$667 million gain at its Trail Operations.
At a glance
- Adjusted EBITDA rose 97% to C$2.305 billion.
- Copper production rose 11% to 115,700 tonnes, and Teck lowered its 2026 cost guidance for copper and zinc.
- About 1,200 workers began a strike at Highland Valley Copper on October 24.
Background
Teck Resources is a Vancouver-based miner of copper and zinc. Its Highland Valley Copper mine in British Columbia is Canada's largest open-pit copper mine. Teck is pursuing a merger with Anglo American that is expected to create one of the world's five largest copper producers.
What happened
Teck reported adjusted profit attributable to shareholders of C$923 million, or C$1.88 a share, for the third quarter, up from C$372 million, or 76 cents, a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 97% to C$2.305 billion.
Reported profit rose to C$1.59 billion from C$281 million, The Globe and Mail reported. Part of that came from a C$667 million after-tax impairment reversal at Trail Operations, an accounting gain, Yahoo Finance reported.
Why profit rose
Revenue rose 33.4% to C$4.517 billion. Teck's average copper price rose 44% from a year earlier to US$6.40 a pound, and copper production rose 11% to 115,700 tonnes.
Higher by-product revenue and lower smelter processing charges also helped. Teck lowered its 2026 cost guidance for copper and zinc, citing strong by-product prices and better operating performance.
The strike
About 1,200 workers represented by the United Steelworkers began a strike at Highland Valley Copper on October 24. Teck said the mine is running at reduced capacity, and the impact will depend on how long the strike lasts.
Teck's results come as it advances its merger with Anglo American, which is expected to create one of the world's five largest copper producers.
Our read
Outlook: neutral. Strong results reflect high prices, while the Highland Valley strike trims supply at a mid-sized mine.
What to watch
- How long the Highland Valley strike lasts.
- Progress on Teck's merger with Anglo American.
- Copper and zinc prices, which drove the profit jump.
For information only, not investment advice.
Copper price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2026-10-24: About 1,200 workers begin a strike at Highland Valley Copper.
Supply Drivers
Highland Valley produces about 100,000 tonnes of copper a year, so the strike's market impact has been small so far.
Mining Production
Teck's copper output rose 11% to 115,700 tonnes, but a strike has cut Highland Valley to reduced capacity.
What could lift prices
- A strike is reducing output at Canada's largest open-pit copper mine.
- Teck's results show copper prices are high enough to lift miners' profits sharply.
What could weigh on prices
- The strike's effect on copper prices has been small so far.
- Operations are continuing at reduced capacity.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Canada | Medium | A major miner reported higher profit while a strike hits its largest copper mine. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Copper Mining | Positive | Higher copper and zinc prices are lifting miners' profits. |
Who gains, who loses
- Teck shareholders: Adjusted profit more than doubled and costs are expected to be lower.
- Highland Valley workers: They are on strike while operations run at reduced capacity.
Other ways this could play out
- If the strike ends quickly, the effect on Teck's output should be small.
- If it drags on, Teck's fourth-quarter copper production could fall.
Price risks
- A long strike could reduce Teck's copper output.
- Lower copper or zinc prices would cut profits quickly.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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