Record quarterly copper sales volumes, significantly higher commodity prices and higher revenue from by-products contributed to a 125% year-on-year increase in Canadian resource company Teck's adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the first quarter.

The TSX- and NYSE-listed company, which is in the process of merging with diversified miner Anglo American, reported adjusted Ebitda of $2.1-million for the quarter, compared with adjusted Ebitda of $1.2-billion in the first quarter of 2025.

Its adjusted profit attributable to shareholders increased to $858-million, or $1.75 a share, compared with $303-million, or $0.60 a share, in the first quarter of last year.

Teck's copper segment generated gross profit before depreciation and amortisation of $1.8-billion in the quarter under review, compared with $704-million in the prior comparable quarter, primarily driven by record copper prices, which averaged $5.83/lb in the first quarter, and record quarterly copper sales volumes. 

The company's Quebrada Blanca (QB) mine, in Chile, produced 55 500 t of copper in the first quarter. Copper sales from the mine reached a record 70 300 t as inventory was drawn down.

“QB delivered a robust and consistent performance, achieving all-time-high quarterly copper sales and ongoing operational stability. Our quarterly financial results demonstrate the resilience and potential of our portfolio and the strength of our balance sheet," says Teck president and CEO Jonathan Price.

Teck's overall copper production for the quarter increased to 140 000 t, from 106 100 t in the prior comparable quarter on the back of the increased output at QB, as well as higher throughput and higher grades at Highland Valley Copper, in Canada, and higher grades at Antamina, in Peru.

Overall copper sales volumes reached a record 155 100 t for the first quarter, compared with the 48 900 t sold in the first quarter of 2025.

Meanwhile, the company's zinc segment generated gross profit before depreciation and amortisation of $387-million for the first quarter, compared with $225-million in the prior comparable quarter, driven by higher commodity prices and continued focus on cash flow generation through Teck's optimised feed strategy at its Trail Operations in Canada.

Teck produced 120 300 t of zinc in concentrate in the first quarter – a year-on-year decrease of 17 000 t. Output at the Red Dog mine, in the US, decreased by 10 600 t year-on-year to 106 200 t as a result of lower ore grades.

Price says the company remains focused on disciplined operating performance and advancing the merger of equals with Anglo American toward a successful close.

Reflecting on the impact of the conflict in the Middle East on its operations, Teck acknowledges that it has faced some near-term cost and supply chain exposure, primarily through fuel price volatility, inflation of petrochemical-derived inputs and second order inflationary impacts.

"We currently do not see significant risk of fuel supply disruption, though there could be an amplified impact on costs at our Chilean operations due to the requirement for diesel imports. We anticipate higher freight costs [in the second quarter], plus a flow-through increase in explosives costs and we continue to actively monitor the situation for changes that could further disrupt markets, such as product export bans from key supply countries," the company comments.

Further, it says that, beyond the initial market response, supply chain stress and potential government interventions could drive a rebound in copper and zinc demand through both corporate and strategic stockpiling.

"Over the longer term, sustained geopolitical risk is likely to increase inventory buffers and embed a higher risk premium, while reinforcing structurally positive drivers for copper through accelerated electrification, grid investment and energy security policies."