On a late October day in Vancouver, Teck Resources set out the accounts of a quarter that seemed to belong to two different stories at once: copper fetching record prices, and a mine in British Columbia that the weather had pushed off its plan. Adjusted earnings before interest, tax, depreciation and amortization rose to $2.3 billion, nearly double the year before, carried by a metal the world has come to need more urgently. Yet the same quarter carried the quieter lesson that wealth in the earth still answers to snow, wind and wet ground, and that the company's proposed union with Anglo Ameri
Teck Posts Doubled Q3 EBITDA on Record Copper Prices as QB Weather Setbacks Persist
A fatality occurred on October 27, 2026 at the Antamina mine, a joint venture with BHP, Glencore and Mitsubishi, under investigation.
Record copper prices, but August weather kept QB below its pace
Mark
Doubled EBITDA sounds like a blowout. What drove it?
Mimi
Mostly price. Copper averaged a record US$6.40 a pound, and zinc and by-products helped too. Smelter charges also fell.
Mark
So it's not just prices?
Luke
Prices are the main driver by the company's own account. Production was up 11 percent, and costs fell, but the report doesn't split the gain precisely.
Mimi
Copper unit costs did drop to US$1.77 from US$2.09, so margins widened on both sides.
Mark
What about QB and the weather?
Mimi
August snow, wind and power outages shut equipment. Output was 47,200 tonnes, down from 55,800 in Q2.
Luke
Yet the full-year guidance of 200,000 to 235,000 tonnes is unchanged. That's the company's expectation, not a result yet.
Mark
And the merger with Anglo American?
Mimi
Teck says it's on track within 12 to 18 months, with about US$800 million in annual synergies.
Luke
Those synergy and uplift figures are company projections. Approvals are still pending.
Mark
The Antamina fatality?
Mimi
It happened October 27, and an investigation is underway. Nothing more is known from this report.
El Pulso
- Copper hit a record US$6.40 a pound, and Teck's adjusted EBITDA surged 97% to $2.3 billion, creating a sharp windfall for the quarter.
- August storms brought heavy snow and high winds that knocked out power at the QB mine and stalled its concentrator and dewatering systems.
- Wet ground blocked access to planned higher-grade ore, and QB's copper output fell to 47,200 tonnes from 55,800 in the second quarter.
- Crews are opening more mining faces through the fourth quarter and into 2027, while Rock Bench 6 and a secondary cyclone station work toward Q1 2027 completion.
- The Anglo American merger stays on track to close within 12 to 18 months, with about US$800 million in annual synergies expected, while a fatal accident at Antamina is under joint investigation.
On a late October day in Vancouver, Teck Resources set out the accounts of a quarter that seemed to belong to two different stories at once: copper fetching record prices, and a mine in British Columbia that the weather had pushed off its plan. Adjusted earnings before interest, tax, depreciation and amortization rose to $2.3 billion, nearly double the year before, carried by a metal the world has come to need more urgently. Yet the same quarter carried the quieter lesson that wealth in the earth still answers to snow, wind and wet ground, and that the company's proposed union with Anglo American remains a patient, approaching horizon.
Teck Resources reported its third-quarter 2026 results from Vancouver with a number that would have seemed unlikely a year earlier. Adjusted EBITDA reached $2.3 billion, up $1.1 billion, or 97 percent. Copper averaged a record US$6.40 per pound, and zinc prices and by-product revenues also rose. Profit before taxes reached $2.3 billion, helped by an impairment reversal at the Trail Operations, and the company's net cash position grew by $655 million.
Beneath the strong figures lay a harder story at the QB mine in British Columbia. After a good July, severe August weather brought heavy snow and high winds that caused repeated power outages and halted the concentrator, dewatering systems and other equipment. Wet conditions then kept crews from the higher-grade ore they had planned to reach, and productivity stayed weak into September. Because operations were concentrated in a single mine phase, there was little room to shift around the trouble. QB produced 47,200 tonnes of copper, down from the second quarter but still above the same quarter last year, when downtime was needed to raise a tailings dam. Its 2026 guidance remains unchanged.
Teck says the worst may be behind it. A planned maintenance shutdown is finished, with no more scheduled for this year, and new mining faces are opening through the fourth quarter and into 2027, which should make the operation more resilient to bad weather. Construction on Rock Bench 6 has moved forward, permanent tailings pipeline work has begun, and a secondary cyclone station is due in early 2027.
The merger with Anglo American moves forward as well. Approvals are progressing, closing remains on schedule within the original 12 to 18 months, and the companies expect about US$800 million in annual pre-tax synergies. The report also carried a sober note: a fatality at the Antamina mine, a joint venture with BHP, Glencore and Mitsubishi, on October 27. Teck is taking part in the investigation led by Antamina. The next months will show whether QB can recover its footing as new faces open, and how the regulators respond to the proposed merger.
Teck Resources reported its third-quarter 2026 results from Vancouver on October 29, with adjusted EBITDA of $2.3 billion. That is $1.1 billion, or 97 percent, more than in the same period last year. The company credited significantly higher copper and zinc prices, larger by-product revenues and lower smelter processing charges. Profit before taxes also came to $2.3 billion, helped by an impairment reversal at its Trail Operations.
Copper prices were the center of the quarter, averaging a record US$6.40 per pound. Adjusted profit attributable to shareholders was $923 million, or $1.88 per share, against $372 million, or $0.76 per share, a year earlier. Unadjusted profit attributable to shareholders was $1.6 billion, or $3.24 per share. Cash flow from operations was $1.6 billion, which raised Teck's net cash position by $655 million. Liquidity at September 30 stood at $10.9 billion, including $6.7 billion in cash.
The copper segment produced gross profit before depreciation and amortization of $1.6 billion, up from $740 million a year earlier. Gross profit for the segment was $1.2 billion. Net cash unit costs fell to US$1.77 per pound from US$2.09. Copper production totaled 115,700 tonnes, 11 percent higher than last year, with increases at every copper operation except Carmen de Andacollo, where extreme weather caused an extended shutdown.
The weather also hit QB. After a strong July, severe weather in August brought heavy snowfall and high winds, causing intermittent power outages that shut down the concentrator, dewatering systems and other equipment. Wet mining conditions then limited access to planned higher-grade ore and hurt productivity into September. Because the mine plan has operations concentrated in one phase of the mine, flexibility was limited. QB produced 47,200 tonnes of copper, down from 55,800 tonnes in the second quarter but above the 39,600 tonnes of a year earlier, when 20 days of downtime were needed to raise the tailings dam crest. Throughput averaged 117,000 tonnes per day, recoveries were 81.1 percent and grades averaged 0.55 percent, below plan. Molybdenum output was 600 tonnes, compared with 840 in the second quarter. QB's net cash unit costs were US$2.48 per pound, down from US$2.91 a year ago but up from US$1.83 in Q2. Its 2026 guidance of 200,000 to 235,000 tonnes is unchanged.
Teck said QB completed a planned maintenance shutdown in September, with no more planned for 2026. It expects more mining faces to open through the fourth quarter and into 2027, which should improve resilience to bad weather. It also reported a fourth consecutive quarter without tailings-facility-related concentrator downtime and its highest monthly sand deposition rate in July. A secondary cyclone station is due to be commissioned in Q1 2027. Rock Bench 6 construction began in Q3, with work pulled forward from 2027, and permanent tailings pipeline installation started in October; both are expected to finish in Q1 2027.
The zinc segment earned gross profit before depreciation and amortization of $638 million, up from $454 million, with gross profit of $465 million. The optimized feed strategy at Trail produced a pre-tax impairment reversal of $888 million. Red Dog zinc-in-concentrate sales of 246,700 tonnes were within guidance. Teck lowered its 2026 copper net cash unit cost guidance, and its zinc cost guidance, on strong by-product pricing and cost performance. It expects 2026 production toward the high end of its ranges.
On the planned merger with Anglo American, Teck said approvals are progressing and closing remains on track within the original 12 to 18 months. Future executive leadership was announced July 30. The companies expect about US$800 million in annual pre-tax synergies, roughly 80 percent run-rate by the end of year two, plus potential EBITDA uplift of about US$1.4 billion a year from 2030 through 2049 from combining QB and Collahuasi. Closing is expected about 11 trading days after the last condition is met.
The company also noted a fatality on October 27 at the Antamina mine, its joint venture with BHP, Glencore and Mitsubishi. Teck is participating in the Antamina-led investigation. Its high-potential incident frequency rate was 0.06. What to watch next is how QB performs as more mining faces open, and how regulatory approvals for the merger proceed.
Citas Notables
The results show the underlying strength of the business, with increased production, disciplined execution and record copper prices driving strong performance.— Jonathan Price, President and CEO of Teck (paraphrased)
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