Teck Resources walloped by extreme weather during Q3, but sticking to targets

From wildfires in British Columbia to snowstorms in the high Andes, Teck Resources Ltd. managed through a barrage of extreme weather during the third quarter.

Nonetheless, Teck is sticking to its production targets for the full year.

“The weather we experienced in the third quarter is a reminder of the very real impacts of climate change and of why building resilience into our operations matters,” Jonathan Price told analysts on a conference call Thursday to discuss the miner’s latest financial results and outlook.

“We continue to adjust our planning processes and operating assumptions to account for climate related risks and our plans consider a range of scenarios.”

In Chile, Teck and its partners dealt with torrential rain and flooding at Carmen de Andacollo, near the southern edge of the Atacama Desert, one of the driest areas on Earth. Elsewhere in the country, high winds and snow battered the high-altitude Quebrada Blanca copper mine and knocked out power intermittently. And in the B.C. Interior, the company contended with low water supplies resulting from drought and a longer wildfire season.

At Carmen de Andacollo, annual output is expected to come in at the lower end of its guidance range of 45,000 to 55,000 tonnes. At Quebrada Blanca, production guidance for 2026 is unchanged at 200,000 to 235,000 tonnes.

And at Highland Valley Copper in B.C., production is expected to come in toward the high end of its targeted range of 115,000 to 135,000 tonnes, despite a strike that began on the weekend, chief financial officer Crystal Prystai said. About 1,200 workers represented by the United Steelworkers are off the job, and the mine is operating at reduced capacity.

“The impact on production depends on the duration of the labour action and we do not expect any significant impact on construction timelines for the mine life extension project,” Price said.

“Our focus is on maintaining safe and environmentally responsible operations while working toward a new collective agreement that is fair to employees and supports the long term competitiveness of the operation.”

The extension is one-quarter complete and is tracking with its total capital budget range of $2.1 billion to $2.4 billion, Price added. It aims to keep the mine operating until 2046 instead of its previous end date of 2028.

In late 2025, Teck agreed to join forces with London-based Anglo American PLC to create a global copper powerhouse. At the time, the companies said they aimed to close the deal within 12 to 18 months. Price said Thursday that timeline remains on track. One of the last remaining hurdles is the sign off from China’s competition regulator and Teck has been busy responding to its information requests.

The merged company is to maintain a headquarters in Vancouver and be named Anglo Teck.

Earlier Thursday, Teck reported an increase in third-quarter profits, helped by higher copper and zinc prices. Profit attributable to shareholders amounted to $1.59 billion, or $3.24 per diluted share, up from $281 million, or 57 cents per diluted share, in the same quarter last year.

On an adjusted basis, Teck says it earned $1.88 per diluted share in its latest quarter, up from an adjusted profit of 76 cents per diluted share a year earlier.

Revenue for the quarter totalled $4.52 billion, up from $3.39 billion in the third quarter of 2025.

Strong year-to-date commodity pricing has prompted Teck to reduce its 2026 cost guidance. Net unit copper costs are expected to range from US$1.80 to U$2 per pound compared with earlier expectations for US$1.85 to US$2.20. Meanwhile, net zinc unit costs are projected to drop to 30 to 40 cents US per pound from 65 to 75 cents US.

This report by The Canadian Press was first published Oct. 29, 2026.

Companies in this story: (TSX:TECK.B)

Lauren Krugel, The Canadian Press