Canadian mining firm Teck Resources closed out 2025 with a strong fourth quarter, boosted by higher copper prices and steady operating performance, while progressing its proposed merger of equals with Anglo American to create a global critical minerals champion.

The Vancouver-headquartered miner on Thursday reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of C$1.5-billion for the three months ended December 31, up C$678-million from the same period a year earlier.

Adjusted profit increased from $232-million in the fourth quarter of 2024, to C$671-million in the fourth quarter of 2025.

Revenue increased to C$3.06-billion from C$2.79-billion a year earlier, while gross profit nearly doubled to C$990-million.

For the full year, Teck posted adjusted profit of C$1.5-billion, a material improvement from C$605-million in 2024. 

“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,” said president and CEO Jonathan Price.

Copper prices averaged $5.03/lb during the quarter and ended the year at $5.67/lb, lifting the group’s copper segment performance. Gross profit before depreciation and amortisation from copper rose to C$1.1-billion, compared with C$732-million in the prior-year period. Gross profit from the copper business totalled C$747-million.

At the Quebrada Blanca operation in Chile, Teck said it continued to make progress on ramp-up activities and tailings management facility development as part of its QB Action Plan.

The zinc segment generated gross profit before depreciation and amortisation of C$305-million, slightly lower than the C$320-million recorded a year earlier, reflecting lower sales volumes from Red Dog mine owing to shipment timing. Improved profitability at Trail Operations partly offset the decline. Gross profit from zinc totalled C$243-million.

Teck ended the year in a net cash position, supported by C$1.3-billion in cash flow from operations generated in the fourth quarter. Liquidity stood at C$9.3-billion as of February 18, including C$5.2-billion in cash.

MERGER ADVANCES
During the quarter, shareholders of both Teck and Anglo American approved the proposed merger to form Anglo Teck, which will be headquartered in Canada. The transaction also secured approval from the Canadian government under the Investment Canada Act in December.

The combined company is expected to deliver yearly pre-tax synergies of about $800-million, with about 80% realised on a run-rate basis by the end of the second year after completion. The group also plans to optimise the adjacent Collahuasi and Quebrada Blanca assets, targeting a $1.4-billion-a-year average underlying Ebitda uplift from 2030 to 2049 on a 100% basis.

“Looking ahead to 2026, Teck is well positioned to deliver disciplined execution of our business plans and progress the merger and integration planning to create a global top-five copper company,” Price said.

The transaction remains subject to customary closing conditions, including additional regulatory approvals in multiple jurisdictions.