Teck delivers solid second quarter amid record copper prices

Production at Teck Resources' Highland Valley Copper Mine in British Columbia is up 32 per cent. Photo by Government of British Columbia

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Rising commodity prices, lower operating costs and higher production helped Vancouver-based Teck Resources Ltd. beat analysts’ second-quarter earnings expectations.

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Its copper production rose 25 per cent compared to the same period a year ago, while its copper costs declined 29 per cent. The company said copper prices hit a record US$6.09 per pound, up 41 per cent year over year.

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The company’s unaudited results included $1.5 billion in profit before taxes and its earnings before interest, taxes, depreciation and amortization more than doubled to $2.2 billion.

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“Operationally, we continue to increase momentum across the business,” chief executive Jonathan Price said on a call with analysts.

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Copper demand globally is rising as a result of growing demand for use in data centres and more electrification. Miners such as Teck that produce the metal outside China are seeing increased attention from both investors and the government.

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All four of the company’s copper mines turned in higher production, led by its Highland Valley Mine in south-central British Columbia, where production grew 32 per cent year over year.

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Teck’s copper segment contributed $1.8 billion in gross profit before depreciation and amortization during the quarter compared to $673 million in 2025.

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Price said Quebrada Blanca, the company’s open-pit copper mine in Chile, achieved a third consecutive quarter of consistent operations after it had missed some of its production targets in years past.

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It produced 55.8 kilotons of copper, up one per cent from the first quarter and six per cent from a year ago.

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Teck is also moving ahead on a multibillion-dollar project that would extend the life of its Highland Valley mine, Canada’s largest copper mine, by nearly two decades to 2046.

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Meanwhile, its zinc segment generated $353 million compared to $159 million in 2025 despite production in the quarter falling 26 per cent year over year to 124 kilotons.

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The production decline was offset by rising zinc prices, up 31 per cent to US$1.57 per pound, as well as lower zinc production cash costs, which fell 29 per cent to US$0.35 per pound.

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Earlier this month, Teck announced it would sign a strategic investment agreement with Canada Growth Fund Inc. and Natural Resources Canada’s Canada Critical Minerals Accelerator, which could inject an additional $400 million to support the possible expansion of processing capacity for germanium, gallium, and antimony at its smelter in Trail, B.C.

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Teck posted $1.7 billion in operational cash flow in the second quarter and increased its net cash position to $1.2 billion.