The mining company reported strong financial performance in the first quarter of 2026, with record copper sales and a significant increase in EBITDA, thereby consolidating its position in the global critical minerals market.
Canadian mining company Teck Resources Limited reported solid first-quarter 2026 financial results, driven by record copper sales and favorable international prices, marking a strong start to the year for the industry, according to Reporte Minero.
According to its latest quarterly report, the company achieved adjusted EBITDA of US$2.1 billion, a 125% increase from the same period last year. This performance was primarily driven by higher copper sales volumes and an average copper price of US$5.83 per pound, one of the highest levels recently recorded in the market.
One of the period’s most significant milestones was the performance of the Quebrada Blanca (QB) operation in Chile, which recorded a record 70,300 tons of copper sales in the quarter, even exceeding its production, thanks to shipments of accumulated inventories.
On a consolidated basis, the company’s total copper production reached 140,000 tons, a significant increase from the 106,100 tons recorded in the same quarter of 2025.
This growth is attributed to greater operational stability at QB, along with higher grades and increased processing rates at other key operations, such as Highland Valley Copper and Antamina.
Teck reported revenue of US$3.9 billion, nearly doubling the US$2.3 billion recorded in the same period of the previous year. Additionally, net income attributable to shareholders reached US$819 million, more than double the 2025 figure.
This strong performance was also reflected in operating cash flow, which reached US$1.0 billion, strengthening the company’s liquidity position, which stood at US$9.8 billion at the end of the period.
The international context has played a key role in these results. The sustained rise in copper prices—driven by global electrification, the energy transition, and infrastructure investment—continues to position the red metal as a strategic resource.
However, the company warned of potential cost pressures stemming from the geopolitical context, particularly oil price volatility, which could affect transportation and explosives costs, especially in its Chilean operations, which rely on diesel imports.
Looking ahead to the rest of 2026, Teck maintains its official copper production projections unchanged at 455,000 to 530,000 tons for the year. Additionally, the company continues to advance its growth strategy, including key projects such as the Highland Valley Copper Mine Life Extension (HVC MLE) and the development of new assets.
The merger with Anglo American is still underway, an operation aimed at creating a new global leader in critical minerals under the future Anglo Teck company, with significant synergies and long-term growth potential.
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