Teck Resources reports profit gains as it works to close Anglo deal

Les mines de Teck Resources en Colombie-Britannique en 2012.

Teck Resources Ltd. reported its fourth-quarter profit and revenue rose compared with a year ago as it works to close its merger with Anglo American.

“We are working collaboratively with Anglo to secure the remaining approvals required to complete the transaction, including China and South Korea,” said chief executive Jonathan Price on an earnings call Thursday.

He said the expectation is still that the deal, announced last September, will take 12 to 18 months to close, but preparations are already underway for when it does.

“While we can’t start working as a combined team until closing, integration planning work is well underway to ensure day one readiness and a rapid transition following the closing,” said Price.

His comments came as the miner reported a profit attributable to shareholders of $544 million or $1.11 per diluted share for the quarter ended Dec. 31, up from $399 million or 78 cents per diluted share a year earlier.

Revenue totalled $3.06 billion, up from $2.79 billion in the fourth quarter of 2024.

On an adjusted basis, Teck says its profit from continuing operations amounted to $1.37 per diluted share, up from 45 cents per diluted share a year earlier.

Analysts had on average expected earnings of 99 cents per share, according to data compiled by LSEG Data & Analytics.

National Bank analyst Shane Nagle said in a note that the results were better than expected on lower expenses and strong by-product credits, while he’s also modelling for lower costs ahead as confidence increases in Teck’s turnaround at its troubled Quebrada Blanca site.

Price said the company continued to make meaningful progress on a ramp‑up at the mine, with improving production and tailings management facility development.

He said the expected acceleration in production comes as copper markets are showing high demand with prices reaching record highs in the fourth quarter, averaging more than US$5 per pound for the first time.

“Looking longer term, the outlook for copper market fundamentals remain very strong. We see copper as key to global electrification and the shift toward a clean energy future.”

Teck’s deal with Anglo American has received shareholder approval and cleared its Investment Canada Act review by Ottawa.

This report by The Canadian Press was first published Feb. 19, 2026.

Ian Bicks, The Canadian Press