Teck earns $854M Q2 profit on higher copper production, commodity prices

Teck Resources Ltd.’s profits surged more than fourfold during the second quarter, thanks in part to higher copper production and prices, as the Vancouver-based miner prepares to wrap up its combination with Anglo American PLC.

Profit attributable to shareholders totalled $854 million per diluted share for the period, up from $206 million, or 41 cents per share a year earlier.

Realized copper prices were US$6.09 per pound during the three months ended June 30, an increase from US$4.36 a year earlier. Production of the metal, in high demand from tech and other sectors, was 136,000 tonnes during the quarter, up from 109,000.

On an adjusted basis, Teck says it earned $1.93 per diluted share in its latest quarter, up from an adjusted profit of 38 cents per diluted share in the same quarter last year and handily beating the average analyst estimate of $1.25 per share, according to LSEG Data and Analytics.

Revenue for the quarter totalled $3.61 billion, up from $2.02 billion a year ago.

Teck and London-based Anglo American PLC announced a deal last year to join forces and create a $70-billion copper-focused mining powerhouse, to be called Anglo Teck.

Jonathan Price, Teck’s chief executive, said during a conference call with analysts Thursday that an “enormous amount of work” is going on to prepare for integrating the two companies.

“Of course, we have to continue to operate entirely as independent companies until such time as the merger closes. We run our own businesses. There’s no crossover of decisions in relation to operations or current activities,” he said.

But in the meantime, the companies are doing the planning work to ensure that once they do join up, their operations will be seamlessly integrated and cost-savings can be achieved, Price added.

“We would expect that work to continue with a high level of intensity all the way through to completion of the transaction.”

When the deal was announced last September, Anglo American said it expected the transaction to close within 12 to 18 months, and Price said that target remains on track.

A review by China’s market regulator is “unfolding in the normal course,” said Price, who said he expected that process to wrap up in “matter of a couple of weeks.” After that approval is obtained, Price said it would be a few more weeks tops before the deal closes.

Post-merger, Anglo Teck is to maintain its headquarters in Canada and have most senior managers and board members based here. But it will continue to be incorporated in the United Kingdom, meaning that, under current rules, Teck would be dropped from the S&P/TSX composite index.

S&P Dow Jones Indices announced Wednesday that it’s consulting market participants on whether to change eligibility criteria in such a way that Anglo Teck could be included on Canada’s main stock index.

In its proposal, S&P DJI said TSX-listed companies not domiciled or incorporated in Canada may be included as “foreign issuers,” provided they have a “meaningful presence and/or economic exposure to Canada.” Canada would not have to be the “primary country of economic exposure.” The consultation period ends on Aug. 21.

Price said Teck is “quite encouraged” by that development.

Earlier this month, the federal government announced a deal to invest up to $400 million into Teck’s critical minerals processing operations in Trail, B.C.

The announcement is the first under the Canada Critical Mineral Accelerator, a Natural Resources Canada program set up last year to speed up development of minerals it says are needed for economic sovereignty, national security and the energy transition. Export Development Canada manages the accelerator.

The smelting and refining complex in Trail currently produces 19 products and employs more than 1,400 people. Teck is planning an up to $850-million expansion to the facility that could double production of germanium and antimony and start producing gallium.

This report by The Canadian Press was first published July 23, 2026.

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

Lauren Krugel, The Canadian Press