On a late October morning, Teck Resources set out its third-quarter 2026 results from Vancouver, and the year's arithmetic looked generous: adjusted EBITDA of $2.3 billion, nearly double the same quarter a year before. Much of that abundance came from copper, which traded at record prices and carried the company's fortunes the way it has carried so many mining houses before. Yet beneath the figures ran older truths about the earth's stubbornness, since weather at the QB mine in British Columbia and a storm-struck operation in Chile slowed what the markets had hoped for. The quarter also held a
Teck Posts Q3 2026 Adjusted EBITDA of $2.3B as Record Copper Prices Offset QB Weather Setbacks
A fatality occurred at the Antamina mine on October 27, 2026, which Teck said it is participating in investigating.
Record copper prices offset a quarter of severe weather at QB
On a late October morning, Teck Resources set out its third-quarter 2026 results from Vancouver, and the year's arithmetic looked generous: adjusted EBITDA of $2.3 billion, nearly double the same quarter a year before. Much of that abundance came from copper, which traded at record prices and carried the company's fortunes the way it has carried so many mining houses before. Yet beneath the figures ran older truths about the earth's stubbornness, since weather at the QB mine in British Columbia and a storm-struck operation in Chile slowed what the markets had hoped for. The quarter also held a death at the Antamina mine in Peru, a reminder that wealth drawn from the ground is never separable from the people who work it. Against this mixed ledger, Teck continues its planned merger with Anglo American, a long gamble on scale that the company expects to close within the next year and a half.
Teck Resources released its third-quarter 2026 results from Vancouver on October 29, and the numbers were striking. Adjusted EBITDA reached $2.3 billion, up $1.1 billion, or 97 percent, from a year earlier. Copper led the way, with prices averaging a record US$6.40 per pound, and the company's cash position grew by $655 million over the quarter.
Not every operation shared in the good fortune. At QB in British Columbia, heavy August snow and high winds caused repeated power outages that stopped the concentrator and dewatering equipment, and wet ground made it hard to reach the higher-grade ore planned for the period. QB produced 47,200 tonnes of copper, down from the prior quarter, though still ahead of the year-earlier level. Carmen de Andacollo in Chile was also hit by extreme weather that forced an extended shutdown. Teck kept its 2026 QB guidance unchanged and expects new mining faces to open through year-end and into 2027, while several projects, including a new cyclone station and tailings works, are slated for completion in early 2027.
Zinc improved as well, and a favorable accounting reversal at Trail lifted pre-tax profit. On the Anglo American merger, the companies still expect to close within the original 12 to 18 month window, targeting roughly US$800 million in annual synergies.
The quarter was also marked by tragedy. A fatality occurred at the Antamina mine, a joint venture with BHP, Glencore and Mitsubishi, on October 27. Teck is participating in the investigation being led by Antamina. The company's next tests will be the merger's regulatory approvals and whether QB's access to ore steadies production.
Teck Resources reported its third-quarter 2026 results from Vancouver on October 29, and the headline figure was adjusted EBITDA of $2.3 billion. That is $1.1 billion, or 97 percent, more than the same quarter a year earlier. The company credited significantly higher copper and zinc prices, larger by-product revenues and lower smelter processing charges. Profit before taxes also came in at $2.3 billion, helped by an impairment reversal at its Trail Operations.
The per-share numbers moved the same way. Adjusted profit attributable to shareholders was $923 million, or $1.88 per share, against $372 million, or $0.76, a year ago. Unadjusted profit attributable to shareholders was $1.6 billion, or $3.24 per share. Revenue rose to $4,517 million from $3,385 million. Cash flow from operations was $1.6 billion, which lifted the company's net cash position by $655 million. Liquidity at September 30 stood at $10.9 billion, including $6.7 billion in cash.
Copper drove most of it. The copper segment earned gross profit before depreciation and amortization of $1.6 billion, up from $740 million a year earlier, as prices averaged a record US$6.40 per pound. Net cash unit costs fell to US$1.77 per pound from US$2.09. Copper production reached 115,700 tonnes, 11 percent higher than last year, with gains at every copper operation except Carmen de Andacollo. There, extreme weather forced an extended shutdown and output fell.
Weather was also the main complication at QB. After a strong July, heavy snowfall and high winds in August caused 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. QB produced 47,200 tonnes of copper in the quarter, down from 55,800 tonnes in the second quarter but up from 39,600 a year earlier, when 20 days of downtime were needed to raise the tailings dam crest. Throughput averaged 117,000 tonnes per day, recovery was 81.1 percent and grades averaged 0.55 percent, below plan. Molybdenum output was 600 tonnes, versus 840 in the second quarter. QB's net cash unit cost was US$2.48 per pound, better than US$2.91 a year ago but above the second quarter's US$1.83. Teck left its 2026 QB guidance of 200,000 to 235,000 tonnes unchanged.
The company said operations have been concentrated in one phase of the mine, which limits flexibility. It expects more mining faces to open through the fourth quarter and into 2027. A planned maintenance shutdown was completed in September, with no more scheduled this year. It was the fourth straight quarter without tailings-facility-related concentrator downtime, and July set a record monthly sand deposition rate. A secondary cyclone station is due for commissioning in Q1 2027. Rock Bench 6 construction began in Q3, and permanent tailings pipeline installation began in October; both are expected to finish in Q1 2027.
Zinc also improved. Gross profit before depreciation and amortization was $638 million, up from $454 million, and 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 fell within guidance. Teck lowered its 2026 copper net cash unit cost guidance and its zinc cost guidance, citing strong by-product pricing and cost performance.
On the planned merger with Anglo American, Teck said the deal is on track to close within the originally stated 12 to 18 months of announcement. The future executive leadership team was announced on July 30. The companies target about US$800 million in annual pre-tax synergies, roughly 80 percent of it on a run-rate basis by the end of year two. They also see about US$1.4 billion in average annual EBITDA uplift from 2030 through 2049 by optimizing the adjacent Collahuasi and QB assets, on a 100 percent basis. Closing is expected about 11 trading days after the last condition is met.
The quarter also carried a death. A fatality occurred on October 27 at the Antamina mine, the joint venture with BHP, Glencore and Mitsubishi. Teck is taking part in the investigation, which Antamina is leading. The company's high-potential incident frequency rate was 0.06. Next to watch are the regulatory approvals for the merger and whether QB's wider mine access delivers steadier output.
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Results show the underlying strength of the business, with increased production, disciplined execution and record copper prices driving strong performance, despite severe weather at copper operations.— Jonathan Price, President and CEO of Teck (paraphrased)
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