- Teck (TSX:TECK) reported adjusted EBITDA of C$2.2 billion in Q2 2026, more than tripling from a year ago, driven by higher copper production, record copper prices and stronger by-product revenues
- Copper production rose 25 per cent to 135,900 tonnes, while the Quebrada Blanca operation delivered a third consecutive quarter of stable performance and lower unit costs
- The company generated C$1.7 billion in operating cash flow, increased its net cash position by C$756 million, and maintained its 2026 guidance while advancing its planned merger with Anglo American
- Teck Resources stock (TSX:TECK) opened trading at C$84.37
Teck Resources (TSX:TECK) reported a dramatic improvement in its second-quarter 2026 financial performance, posting strong earnings growth driven by higher copper production, record copper prices and continued operational execution across its mining portfolio.
The Canadian mining company reported adjusted EBITDA of C$2.2 billion for the quarter ended June 30, 2026, a 204 per cent increase from the same period a year earlier. Profit before taxes reached C$1.5 billion, reflecting what the company described as strong operational consistency and disciplined execution across its business segments.
Adjusted profit attributable to shareholders climbed to C$948 million, or C$1.93 per share, compared with C$187 million, or $0.38 per share, in the second quarter of 2025. On a reported basis, profit attributable to shareholders totalled C$854 million, or C$1.74 per share.
Teck also strengthened its financial position during the quarter, generating C$1.7 billion in cash flow from operations. The company increased its net cash position by C$756 million, ending the quarter with C$10.3 billion in liquidity, including C$6.1 billion in cash reserves.
“We delivered another quarter of strong operational and financial performance, generating significant earnings and robust cash flow, supported by continued strong copper sales volumes, a favourable commodity price environment and disciplined execution across our operations,” Jonathan Price, Teck’s president and CEO said in a news release. “At QB, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world’s most important new copper operations. These results reinforce the strength of our business and position us well to advance the planned merger with Anglo American to create a global critical minerals champion with the financial strength, operational capability and portfolio quality to deliver significant value for shareholders.”
Copper division leads performance
The company’s copper business was the standout performer during the quarter, benefiting from both higher production volumes and exceptionally strong commodity prices.
Teck’s copper segment generated C$1.8 billion in gross profit before depreciation and amortization, up sharply from C$673 million in the same quarter last year. Gross profit from the segment reached C$1.3 billion.
Copper prices averaged a record USC$6.05 per pound during the quarter, helping drive profitability. At the same time, the company reduced its copper net cash unit costs to USC$1.64 per pound, down from USC$2.02 per pound a year earlier, aided by strong cost controls and increased by-product revenues.
Copper production totaled 135,900 tonnes, representing a 25 per cent increase year-over-year, with all of Teck’s copper operations contributing to higher output.
Quebrada blanca continues strong momentum
Teck’s flagship Quebrada Blanca (QB) operation in Chile delivered its third consecutive quarter of strong production and operational stability.
QB produced 55,800 tonnes of copper during the quarter, slightly above both the 52,700 tonnes recorded in the second quarter of 2025 and the 55,500 tonnes produced in the first quarter of 2026.
The mine also posted improved processing performance following optimization work completed during a planned maintenance shutdown in May. Copper recoveries improved to 83.3 per cent, while molybdenum production rose to 840 tonnes, nearly doubling from 430 tonnes a year earlier.
Copper sales from QB reached 57,600 tonnes, an increase of 11,800 tonnes compared with the same period in 2025. Unit costs also improved significantly, with QB’s net cash unit costs falling to USC$1.83 per pound from USC$2.45 per pound a year earlier.
Development work on the mine’s tailings management facility (TMF) continued throughout the quarter without disrupting operations. Teck completed construction of Rock Bench 5 and advanced infrastructure improvements designed to support long-term operating stability.
The company is also evaluating opportunities to accelerate construction of Rock Bench 6, which could allow installation of permanent TMF pipeline infrastructure as early as the fourth quarter of 2026. If approved, the accelerated work would require approximately USC$100 million in additional capital spending this year.
Zinc segment delivers higher profits
Teck’s zinc business also recorded a strong quarter, supported by favourable commodity prices and operational improvements.
The zinc segment generated C$353 million in gross profit before depreciation and amortization, more than double the C$159 million reported a year earlier. Gross profit reached C$329 million, including C$202 million contributed by the company’s Trail Operations in British Columbia.
Management credited stronger commodity markets and an optimized feed strategy at Trail for the improved performance.
Critical minerals expansion plans advance
Beyond its core copper and zinc operations, Teck continued to expand its focus on critical minerals.
On July 7, 2026, Teck, Canada Growth Fund Inc., and Natural Resources Canada’s Canada Critical Minerals Accelerator signed a strategic investment agreement aimed at supporting potential production expansions of germanium, gallium and antimony at Trail Operations.
The initiative aligns with Canada’s broader efforts to strengthen domestic supply chains for minerals considered essential to advanced technologies and energy transition industries.
Anglo American merger progresses
Teck also provided an update on its proposed merger with Anglo American plc (OTC:NGLOY), first announced on September 9, 2025.
The merger would create Anglo Teck, a Canada-headquartered global critical minerals company. Shareholders of both companies approved the transaction in December 2025, and the merger also received approval under Canada’s Investment Canada Act later that month.
The companies continue to pursue the remaining regulatory approvals required to complete the transaction, which is expected to close within the originally anticipated 12- to 18-month timeframe.
Management estimates the merger could generate approximately USC$800 million in annual pre-tax synergies, with most benefits expected to be realized by the end of the second year following completion.
The combined company also sees significant growth opportunities through cooperation between Teck’s Quebrada Blanca operation and Anglo American’s neighboring Collahuasi mine in Chile. Together, the companies estimate the potential for an annual average underlying EBITDA uplift of approximately USC$1.4 billion between 2030 and 2049.
Outlook remains unchanged
Teck said there are no changes to its earlier guidance for 2026 and beyond.
The company also noted that the annual Red Dog shipping season began on July 12, 2026, and expects third-quarter zinc-in-concentrate sales of between 220,000 and 270,000 tonnes, reflecting the mine’s normal seasonal shipping patterns.
With strong copper markets, improving operational performance at QB, and a robust balance sheet, Teck enters the second half of 2026 with significant momentum as it continues preparations for its proposed transformative merger with Anglo American.
About Teck Resources
Teck is a Canadian resource company with a portfolio of copper and zinc operations across North and South America, in addition to a copper growth pipeline.
Teck Resources stock (TSX:TECK) opened trading at C$84.37 and has risen around 20 per cent since the year began.
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