Teck's 2026 second-quarter adjusted NPAT of CAD 948 million, or CAD 1.93 per share, increased fivefold from a year ago, mainly due to increased copper prices and volumes. However, the CAD 0.125 quarterly dividend stands, due to its upcoming all-equity merger with Anglo American to form Anglo Teck.
Teck is materially increasing its copper production to take advantage of increased demand due to trends including decarbonization and electrification.
Bears
The sale of its metallurgical coal business in mid-2024 means Teck is less diversified by commodity, with copper representing the vast majority of midcycle EBITDA.
Teck is a base metals miner with copper and zinc operations in Canada, the United States, Chile, and Peru. After selling its metallurgical coal business, copper is now its major commodity by EBITDA contribution, followed by zinc. Teck is a top-three zinc miner. Its major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, will drive an increase in Teck’s attributable copper production by roughly 80%. Along with a number of additional copper growth options, Teck’s strategy is to rebalance its portfolio to low-carbon metals such as copper. It sold its oil sands business in early 2023 and its coal business in mid-2024. In September 2025, it agreed to merge with Anglo American in an all-equity deal.