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Teck Resources Ltd Class B TECK.B

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Morningstar’s Analysis

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Capital Allocation


Commodity Prices Fuel Rapid Appreciation of Teck Resources’ Now Overvalued Shares

Analyst Note

| Mathew Hodge, CFA |

No-moat Teck Resources’ 2020 adjusted net profit after tax fell 64% to CAD 0.56 billion, versus 2019, but was in line with our expectations. The reported aftertax loss of CAD 0.86 billion notably included CAD 1.0 billion of asset impairments and write-downs, CAD 0.23 billion of coronavirus-related costs and CAD 0.21 billion of environmental costs, among others. Teck assumed a lower long-term heavy oil price of USD 46 per barrel, which saw significant impairment of its Fort Hills oil sands mine.

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Company Profile

Business Description

Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, followed by copper, zinc, and oil sands. Teck ranks as the world's second- largest exporter of seaborne metallurgical coal and is a top-three zinc miner. It is building a major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo.

550 Burrard Street, Suite 3300
Vancouver, BC, V6C 0B3, Canada
T +1 604 699-4000
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 10,000