Teck Resources Q1 2026: Record Copper Sales Boost Profits

Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) has announced its unaudited first quarter results for 2026, showcasing a robust financial performance driven by record quarterly copper sales and favorable commodity prices.

President and CEO Jonathan Price emphasized the company's strategic focus on disciplined execution across its operations, highlighting the significant contributions from the Quebrada Blanca mine in Chile, which achieved all-time high quarterly copper sales.

Financial highlights show significant growth

Teck Resources reported an adjusted EBITDA of C$2.1 billion in the first quarter of 2026, marking a 125 percent increase compared to the same period last year. This growth was primarily supported by record copper sales volumes, high prices for commodities and increased revenue from by-products.

The company also achieved a profit before taxes of C$1.3 billion, while adjusted profit attributable to shareholders rose to C$858 million, or C$1.75 per share.

Copper segment driven by Quebrada Blanca

The Quebrada Blanca segment recorded copper sales volumes of 70,300 tonnes, setting a new quarterly record. This performance exceeded production volumes of 55,500 tonnes, reflecting operational stability and strategic inventory management. Despite a planned maintenance shutdown, Quebrada Blanca's production remained consistent with Q4 2025, underscoring improved production performance.

Overall, the company's copper segment achieved C$1.8 billion in gross profit before depreciation and amortization, up significantly from C$704 million year-over-year.

Zinc segment and operational stability

In addition to the copper segment, Teck's zinc operations also posted strong results. The zinc segment generated a gross profit before depreciation and amortization of C$387 million, compared to C$225 million in the previous year. This was driven by higher commodity prices and a focus on cash flow generation at its Trail operations in Trail, British Columbia, Canada.

Strategic merger with Anglo American

Teck continues to advance its merger of equals with Anglo American (LSE:AAL,OTCQX:NGLOY), a strategic move that aims to create a global critical minerals leader. The merger, which aims to deliver significant pre-tax synergies and enhance strategic positioning, has received shareholder and regulatory approvals. The combined entity, Anglo Teck, is expected to deliver substantial operational and financial benefits.

Global copper market trends

Copper's role in the green energy transition and urbanization has made it a critical metal in today's economy. However, there are concerns about the long-term supply of copper, as few new operations are coming online and existing mines face declining grades. This "peak copper" scenario underscores the importance of understanding global copper reserves, particularly for investors.

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