Stifel Canada on Thursday reiterated its hold rating on the shares of Teck Resources (TECK-B.TO) and its C$60.00 price after the company completed a review of its Quebrada Blanca (QB) operations in Chile.

"Teck announced completion of comprehensive operational review of QB and updated 4Yr (2025-2028) guidance, primarily revising copper production down due to continuing constraints at the QB TMF, higher copper cash costs as a result of lower production, as well as material reductions to zinc production guidance at Red Dog. The net impact of our changes reduces our 4Yr cumulative EBITDA by 15%, including copper production impact of -93Kt and -48Kt in 2026 and 2027. We now estimate recent supply shocks (incl GBC, Kamoa-Kakula, Quebrada Blanca, Constancia) have removed approx. 1.1Mt of copper over the next 3yrs (2025-2027) and reinforces our long-standing view of the market's vulnerability to unanticipated supply shocks following a decade of underinvestment in new capacity, prices that remain below incentive levels, and relatively low inventories. Updates on the current sand drainage project and potential further impact to guidance is expected in Q1/26," analyst Ralph Profiti wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 61.05, Change: +1.04, Percent Change: +1.73