Teck Resources Ltd. announced that its first-quarter profit more than doubled compared to the same period last year, driven by robust commodity prices and improved operational performance. The Vancouver-based mining company reported net earnings of $1.2 billion for the quarter ended March 31, up from $520 million a year earlier.
Strong Performance Across Segments
The company attributed the surge in profitability to higher prices for copper, zinc, and steelmaking coal, as well as increased production volumes. Revenue rose to $4.5 billion from $3.1 billion in the prior year.
Teck's copper business saw a significant boost, with production increasing by 12% and prices rising 18%. The zinc segment also performed well, with revenues up 25% due to higher prices and steady output.
Operational Highlights
- Copper production reached 90,000 tonnes, up from 80,000 tonnes in Q1 2025.
- Steelmaking coal sales totaled 6.2 million tonnes, compared to 5.8 million tonnes last year.
- Zinc production remained stable at 150,000 tonnes.
Teck's CEO, Jonathan Price, commented: "Our strong first-quarter results reflect the strength of our diversified portfolio and the dedication of our teams. We are well-positioned to capitalize on favorable market conditions."
Outlook and Strategic Initiatives
The company reaffirmed its full-year production guidance and highlighted ongoing investments in growth projects, including the Quebrada Blanca Phase 2 copper mine in Chile. Teck also announced plans to reduce greenhouse gas emissions by 33% by 2030.
Shares of Teck Resources rose 2.5% in morning trading on the Toronto Stock Exchange.
