Teck Resources reports strong Q4 earnings, advances Anglo American merger Proactive uses images sourced from Shutterstock

Teck Resources Ltd (TSX:TECK.B) reported stronger fourth quarter results for 2025, highlighted by an earnings beat, solid cash generation and continued progress on its proposed merger with Anglo American PLC (LSE:AAL). 

The Vancouver-based miner posted adjusted earnings of C$1.37 per share for the quarter, ahead of consensus estimates.

Revenue was approximately C$2.79 billion in the fourth quarter, supported by higher copper prices and improved by-product revenue.

Teck’s copper business remained the primary earnings driver. The segment generated gross profit before depreciation and amortization of C$1.1 billion in the quarter, up from C$732 million a year earlier, reflecting higher copper prices and lower smelter processing charges. Copper prices averaged US$5.03 per pound during the quarter and ended the year at US$5.67 per pound. Gross profit from the copper business was C$747 million.

“Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan,” CEO and president Jonathan Price said in a statement. He added that the company continued to make progress on the ramp-up at Quebrada Blanca, including improvements in production and tailings management facility development.

Teck also said the proposed merger of equals with Anglo American to form Anglo Teck advanced during the quarter. Shareholders of both companies approved the transaction on December 9 and the Government of Canada granted approval under the Investment Canada Act on December 15.

The transaction remains subject to customary closing conditions, including additional regulatory approvals in multiple jurisdictions. Teck said both parties continue to work toward securing the remaining approvals and advancing the deal to completion.

Following the report, Teck’s US-listed shares were down 1.4% at about $58, while its Canadian-listed shares were down 1.6% at about $80.