TECK
NYSE · Basic Materials · Industrial Materials · CA
Research · Sep 3, 2026
[TECK] Teck Resources Thesis 2026: Copper Pivot Drives Quebrada Blanca Volume Ramp
Teck Resources Limited (NYSE: TECK) FY2025 revenue ~C$13-14B (~$9-10B; +0-7%) with adj. EPS ~C$3.30-3.85 reflecting continued post-July 2024 ~$8.0B aggregate Glencore Steelmaking Coal Business divestiture completion + selected post-2024 ~480-540K tonnes aggregate copper production cycle + selected continued post-2024 Quebrada Blanca Phase 2 (QB2; Chile copper mine) ramp toward ~285-315K tonnes nameplate capacity + selected post-2024 ~$1.5-2B aggregate FY2024-2025 buyback program execution under continued President + CEO Jonathan Price (~3-year tenure since October 2022). Leading Canadian-headquartered copper + zinc base metals mining company with operations across selected major copper mines (Chile + Peru) + zinc mines (Canada + Peru) + selected various base metals. Founded 1906 as Teck Hughes Gold Mines (~119-year heritage); selected post-1986 Teck Cominco rebrand; selected post-2009 Teck Resources rebrand; selected post-2008 ~$14B Fording Canadian Coal Trust acquisition; selected post-October 2022 Jonathan Price CEO appointment + selected post-2023 strategic separation announcement; selected post-July 2024 ~$8.0B Glencore Steelmaking Coal Business divestiture completion (selected ~74% Teck stake sold to Glencore for ~$6.93B + Nippon Steel ~10% + POSCO ~16% remaining stakes); selected post-2024 Quebrada Blanca Phase 2 ramp; selected post-2024 ~$1.5-2B aggregate FY2024-2025 buyback program. Headquartered in Vancouver British Columbia Canada; ~10,000+ employees globally with ~C$13-14B revenue. Three primary product segments: Copper (~60% revenue ~C$8-8.5B), Zinc (~25% ~C$3-3.5B), Other (~15% ~C$1.5-2B). Copper pivot post-Glencore divestiture: ~$8.0B aggregate (~74% Teck stake sold to Glencore ~$6.93B + Nippon Steel ~10% + POSCO ~16%); selected post-2024 strategic positioning as pure-play copper + zinc base metals miner; ~$1B aggregate annual cost reduction. Quebrada Blanca Phase 2 ramp: ~60% Teck + 30% Sumitomo Metal Mining + 10% ENAMI Chile state; ~285-315K tonnes copper aggregate nameplate; FY2024 ~150-200K tonnes (initial commissioning) → FY2025 ~230-280K tonnes (continued ramp; ~85-95K tonnes Teck share incremental) → FY2026 ~270-300K tonnes (nameplate ramp). Aggregate copper production: Highland Valley Copper 100% Teck (~120-140K tonnes) + Carmen de Andacollo 90% Teck (~50-60K) + Quebrada Blanca Phase 2 60% Teck (~85-95K Teck share) + Antamina 22.5% Teck (~75-85K Teck share) + selected various; ~480-540K tonnes aggregate FY2025. President + CEO Jonathan Price since October 2022 (~3-year tenure); CFO Crystal Prystai. Capital return: ~C$0.50-0.55 annual dividend FY2025 (~+0% growth; base + supplemental on FCF); ~$1.5-2B aggregate FY2024-2025 buyback program; aggregate capital return ~$2-2.5B; net cash position ~$2-3B (post-Glencore divestiture proceeds); investment-grade Baa2/BBB credit rating. FY2026 thesis: copper pivot post-Glencore divestiture + Quebrada Blanca Phase 2 ramp + aggregate copper production growth + ~$1.5-2B aggregate buyback program + selected post-2024 capital return acceleration. Risks: copper LME pricing sustainability, QB2 ramp execution, zinc LME pricing, Chile + Peru regulatory, USD/CAD + USD/CLP + USD/PEN currency volatility.
Research · Aug 25, 2026
Molybdenum and Tungsten Mining Turns to Unstudied Deposits After China Export Curbs
Erdene and Largo say buyers are approaching molybdenum and tungsten assets with no current study - one pre-PEA, one idle since 2012 - after China tightened export licensing.
Research · Aug 25, 2026
Tungsten and Molybdenum Mining Draws Buyers Before Feasibility Studies
Erdene and Largo told August 2026 calls that Asian buyers and unsolicited bidders approached their undeveloped molybdenum and tungsten assets before any study.