Investing.com -- Teck Resources shares rose nearly 1% to C$89.10 on Thursday after the Canadian miner reported a sharp increase in third-quarter profit, supported by record copper prices, higher zinc prices and stronger production.
Net profit attributable to shareholders climbed to C$1.592 billion from C$281 million a year earlier, partly reflecting a C$667 million after-tax impairment reversal at its Trail Operations.
The results underscore how surging copper and zinc prices are boosting profitability at the Canadian miner, while lower production costs strengthen margins. Teck also lowered its 2026 cost guidance for both metals as it advances its planned merger with Anglo American.
The Vancouver-based miner's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) nearly doubled as higher commodity prices, increased by-product revenues and lower smelter processing charges boosted profitability. Teck also lowered its annual cost guidance for copper and zinc, reflecting strong by-product pricing and improved operational performance.
Teck reported adjusted EBITDA of C$2.305 billion for the quarter ended September 30, up 97% from C$1.171 billion a year earlier. Revenue rose 33.4% to C$4.517 billion, while adjusted profit attributable to shareholders increased to C$923 million, or C$1.88 per share, from C$372 million, or 76 Canadian cents per share.
Copper production rose 11% to 115,700 tonnes, while the average copper price increased 44% year over year to US$6.40 per pound. Copper segment gross profit more than tripled to C$1.223 billion, while net cash unit costs fell to US$1.77 per pound from US$2.09.
The company reduced its 2026 copper net cash unit cost guidance to US$1.80-US$2.00 per pound from US$1.85-US$2.20 previously. It also cut its zinc net cash unit cost guidance to US$0.30-US$0.40 per pound from US$0.65-US$0.75.
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