Oct 29, 2026 earnings call — Merger progress and strong Q3 financials
Teck doubled adjusted EBITDA to CAD 2.3 billion and generated CAD 1.6 billion cash flow from operations in Q3 2026.
Revenue $3.2B (est $3.0B) · EPS $1.34 (est $1.00)
Key quotes
"Our merger of equals with Anglo American to form a copper-focused global metals and minerals champion continues to progress as planned, and integration planning is advancing."
"While simultaneously dealing with multiple severe weather events and the resulting impacts on mining conditions, we safely recovered our operations in the quarter."
"Looking forward, we have lowered our 2026 copper net cash unit cost guidance to $1.80-$2 per pound from $1.85-$2.20 per pound to reflect strong performance and byproduct pricing year-to-date."
Analyst Q&A 6
China regulatory approval timeline
Q (Orest Wowkodaw · Scotiabank): Analyst asked for more detail on the current status of the Chinese regulatory approval and whether China is seeking security of copper concentrate offtake or other conditions.
A: Management said they cannot give details about the nature of the discussions. They said the SAMR process is unfolding in the normal course, they continue to respond to information requests, and they expect completion within 12-18 months from the date of announcement.
"We continue to respond to information requests, and we continue to expect completion within 12-18 months from the date of announcement." — Jonathan Price (CEO)
QB grade timing and copper sales plan
Q (Liam Fitzpatrick · Deutsche Bank): Analyst asked how confident management is that QB will deliver a grade uplift and when that uplift will start. He also asked whether copper concentrate sales next year will be mostly on long-term contracts or shifted to shorter-term or spot sales.
A: Management said QB will have more optionality as new phases open, allowing access to grades and better blending to help recoveries, and they expect grades to be relatively stable next year. On sales, they said the copper benchmark is uncertain, but they carefully balance between existing long-term contracts and spot sales and do not see a change for next year.
"But would say that we carefully balance our book between both existing long-term contracts and spot sales." — Ian Anderson
Are 2027-28 guidance numbers conservative?
Q (Chris LaFemina · Jefferies): Analyst asked whether the 2027 and 2028 guidance, especially the decline in 2028 copper, is conservative and whether the risk is skewed to the upside.
A: Management said guidance was anchored in observable performance and also includes planned improvements. They said the lower 2028 guidance is due to grade and the mine plan, that view has not materially changed, and they are comfortable with the current 2027 and 2028 guidance.
"I would not describe that guidance as conservative." — Jonathan Price (CEO)
QB shutdowns and Red Dog mine life
Q (Myles Allsop · UBS): Analyst asked when the next QB maintenance shutdown will occur and how many shutdowns next year. He also asked how long Red Dog's current operation life is and when a sustaining project must be approved to avoid closure.
A: Management said the next QB shutdown is in the first quarter of next year and they expect to have three major shutdowns at QB next year. For Red Dog, they said the end of the current mine life is around 2031, they are reviewing extensions, are in the PFS stage on nearby deposits, and any sanction decision is several years away.
"On the first question, just in shutdowns, we would expect to have three major shutdowns at QB next year." — Jonathan Price (CEO)
Zinc treatment charges and CGF funding; QB ramp
Q (Carlos De Alba · Morgan Stanley): Analyst asked expectations for zinc TC/RC next year given market moves, and asked for more detail on the Canada Growth Fund (CGF) investment at Trail and whether it will be equity or equity-like. He also asked how October ramp at QB is tracking.
A: Ian said they expect treatment charges to follow the spot market direction in 2027, reflecting tight concentrate supply and lower availability. Jonathan said CGF discussions with the Canadian government and Canada Growth Fund are ongoing, not finalized, and will be announced when complete. He also said QB is recovering well from the August–September challenges and they hope to finish the year strong.
"We are expecting our treatment charges to continue the direction that you've seen in the spot market, in 2027, which answers your question." — Ian Anderson
Weather impact and mill upgrade timing
Q (Craig Hutchison · TD Cowen): Analyst asked whether weather issues have carried into Q4 at QB or Carmen de Andacollo and asked the timing and expected benefits of the Highland Valley mill upgrades (throughput and recovery).
A: Management said operations have been pretty steady in Q4 and there has been no direct impact from weather despite variable Chile conditions. On Highland Valley, they said the work is an AG-to-SAG conversion to process harder material more effectively, the conversion is underway, and they plan to finish in the first quarter.
"That is an AG to SAG conversion, essentially, which will allow us to process harder material more effectively." — Jonathan Price (CEO)