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Highlights
- Merger of equals with Anglo American to form global critical minerals group
- Adjusted EBITDA of CAD 1.17B, up from CAD 986M in Q3 2024
- Liquidity at CAD 9.5B, including CAD 5.3B in cash as of October 21, 2025
Teck Resources Limited (TSX:TECK.A) announced its unaudited third-quarter results for 2025, highlighting progress on the merger of equals with Anglo American plc. The proposed merger, announced on September 9, 2025, aims to create “Anglo Teck,” a global critical minerals company and one of the top five global copper producers, headquartered in Canada.
“The merger of equals between Teck and Anglo American announced this quarter is a unique opportunity to create a global leader in critical minerals and a top five copper producer,” said Jonathan Price, President and CEO. “The combination will unlock significant value for shareholders through integration of Quebrada Blanca and Collahuasi and meaningful corporate synergies, offering a compelling high-quality, copper-focused investment opportunity.”
The merger is expected to deliver annual pre-tax synergies of approximately USD 800M, with about 80% expected to be realized on a run-rate basis by the end of the second-year post-completion. Anglo Teck is also targeting an annual average underlying EBITDA uplift of USD 1.4B through optimization of the adjacent Collahuasi and Quebrada Blanca assets.
Financial Performance
For Q3 2025, Teck reported revenue of CAD 3.39B, up from CAD 2.86B in Q3 2024. Adjusted EBITDA was CAD 1.17B, an increase of CAD 185M from the prior year period, primarily driven by higher copper and zinc prices and improved by-product revenues.
Profit from continuing operations before taxes was CAD 289M, compared to a loss of CAD 759M in the same quarter last year. Adjusted profit from continuing operations attributable to shareholders was CAD 372M, or CAD 0.76 per share, compared to CAD 314M, or CAD 0.61 per share, in Q3 2024. Liquidity stood at CAD 9.5B, including CAD 5.3B in cash.
Segment Results
The copper segment generated a gross profit before depreciation and amortization of CAD 740M, up from CAD 604M in the prior-year quarter, supported by higher copper prices averaging USD 4.44 per pound and lower smelter processing charges. The zinc segment recorded CAD 454M in gross profit before depreciation and amortization, up from CAD 358M in Q3 2024, driven by strong performance at Trail Operations and higher sales volumes from Red Dog.
Operational Review and Outlook
Teck completed a Comprehensive Operational Review and provided updated guidance on October 7, 2025. The company continues to focus on the Quebrada Blanca (QB) Action Plan, addressing tailings management of facility development and production constraints. Copper production at QB was 39,600 tonnes in Q3 2025, with molybdenum production at 480 tonnes. Updated 2025 production guidance remains unchanged, with copper output expected between 415,000 and 465,000 tonnes and zinc between 525,000 and 575,000 tonnes.
