Teck Resources Ltd concluded 2025 with a robust financial performance in the fourth quarter, propelled by a significant surge in copper prices and steady operational execution. Concurrently, the company's merger plans with Anglo American continue to advance steadily.

The Vancouver-based mining firm reported that its adjusted EBITDA for Q4 2025 rose to CAD 1.51 billion (USD 1.1 billion), up from CAD 835 million in the same period last year, surpassing analysts' average expectations. Quarterly revenue also increased year-over-year to CAD 3.06 billion from CAD 2.79 billion, while gross profit nearly doubled, reaching CAD 990 million.

The company's strong results were primarily driven by its copper business. In the fourth quarter, the copper segment contributed a gross profit, before depreciation and amortization, of CAD 1.1 billion, a substantial increase from CAD 732 million a year earlier. During the reporting period, the average copper price reached USD 5.03 per pound, closing the year at USD 5.67 per pound. Copper prices surged over 40% last year, fueled by speculative buying, US tariff risks, and market optimism regarding demand for metals critical to the energy transition, hitting a record high last month. Copper has become a central focus in global mining mergers and acquisitions as companies seek to expand their production capacity and project portfolios.

Jonathan Price, President and CEO of Teck Resources, stated, "The company finished 2025 with strong momentum, delivering a solid financial performance in the fourth quarter, benefiting from significantly higher copper prices and production that was in line with plan."

For the full year, the company's adjusted profit reached CAD 1.5 billion, a marked improvement from CAD 605 million in 2024.

Operationally, progress continued at the Quebrada Blanca mine in Chile, a flagship asset for the company. Teck Resources indicated it is steadily advancing the mine's ramp-up and the development of tailings facilities as part of its Quebrada Blanca Action Plan. Copper production at the mine increased to 54,400 tonnes in the fourth quarter. The company reaffirmed its 2025 production guidance, expecting Quebrada Blanca's full-year copper output to be between 200,000 and 235,000 tonnes.

Meanwhile, the merger with Anglo American is progressing steadily. In the last quarter of last year, shareholders of both companies approved the "merger of equals" plan, which aims to create a global critical minerals giant named "Anglo Teck," headquartered in Canada. The transaction received approval from the Canadian government under the Investment Canada Act last December.

The combined company is projected to achieve approximately USD 800 million in annual pre-tax synergies, with about 80% expected to be realized by the end of the second year following the transaction's completion. The parties also plan to optimize operations at the adjacent Collahuasi and Quebrada Blanca assets, targeting an average annual underlying EBITDA improvement of USD 1.4 billion (on a 100% basis) between 2030 and 2049.

Looking ahead, Price commented, "As we look to 2026, Teck is well-positioned to rigorously execute our business plan and advance merger and integration planning to create a top-five global copper company." The transaction remains subject to regulatory approvals in several jurisdictions.