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.