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Copper Investing
Teck Resources Reports Record Copper Production, Reassures Investors Amid Tariff Uncertainty
Feb. 21, 2025 09:20AM PST
CEO Jonathan Price also expressed openness to a collaboration with Glencore in Chile.
Markus Spiske / Unsplash
Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) closed out 2024 with record copper production and strong financial results, despite ongoing trade uncertainties that could impact its operations.
The Vancouver-based mining giant reported its unaudited Q4 results on Thursday (February 20), reporting adjusted EBITDA of C$835 million for the period, driven primarily by increased copper and zinc sales and robust metal prices.
"2024 was a transformational year as we repositioned Teck as a pure-play energy transition metals company with the sale of the steelmaking coal business and record annual copper production," said President and CEO Jonathan Price.
He highlighted Quebrada Blanca's performance, as well as 2024's C$1.8 billion in share buybacks and dividends.
In addition to hitting an annual record, Teck achieved its third consecutive quarter of record output in Q4.
The company produced 122,100 metric tons of copper in Q4, bringing its total for 2024 to 446,000 metric tons — up 50 percent from the previous year. Chile's Quebrada Blanca contributed 60,700 metric tons in the fourth quarter alone.
Teck's copper business generated C$732 million in gross profit before depreciation and amortization in Q4, up 160 percent year-over-year. Gross profit from the segment was C$299 million for the fourth quarter.
Teck’s Red Dog operation contributed to a 24 percent year-on-year increase in zinc sales volume for Q4. The zinc business reported gross profit before depreciation and amortization of C$320 million in Q4, a 112 percent rise from a year ago.
Financially, Teck’s profit from continuing operations before taxes reached C$256 million for the quarter, while adjusted profit from continuing operations attributable to shareholders was C$232 million, or C$0.45 per share.
The company also reported a significant strengthening of its financial position.
Liquidity stood at C$11.3 billion as of Wednesday (February 19), including C$7.1 billion in cash. Teck also reduced its debt by C$196 million in the fourth quarter and by C$1.8 billion over the full year.
Price talks tariffs and Glencore collaboration
As the US continues to consider 25 percent tariffs on Canada, Price assured investors that the proposed levies, which remain on hold until at least March 4, would have minimal impact on Teck’s core business.
"Globally, we are witnessing a period of significant economic uncertainty and change that will alter trade flows and potentially impact global supply chains and market dynamics," he said in a conference call.
"Teck has a resilient business driven by the diversification of our products and operations," he added.
Price also noted that the company exports the bulk of its copper and zinc concentrates to Asia and Europe, shielding it from the most significant effects of the proposed tariffs.
BC Premier David Eby has urged the US to reconsider its tariff stance, pointing to Teck’s Trail smelter, which is located in the province, as a crucial supplier of rare and strategic metals.
"If the United States doesn’t get this metal from the Teck smelter in Trail, it’s not available at all," he said in January.
Teck’s Trail refinery produces zinc, lead and specialty metals such as germanium and indium, which are used in advanced electronics and military applications.
In the same conference call, Price expressed openness to a collaboration with Swiss mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF). Glencore previously attempted a full takeover of Teck in 2023, but ultimately acquired only its coal business. Now discussions have emerged around a possible partnership in Chile, where Teck’s Quebrada Blanca mine and Glencore’s Collahuasi mine operate in close proximity.
Teck owns 60 percent of Quebrada Blanca, which recently underwent an expansion. While it is now up and running, it faced cost overruns and operational challenges during its ramp-up phase.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.
When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics. When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.
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