Q3 2025 Teck Resources Ltd Earnings Call Transcript

Oct 22, 2025 / 03:00PM GMT

Release Date Price: €36.68 (-0.33%)

Transcript

Key Points

Positve

Teck Resources Ltd (TECK) announced a merger of equals with Anglo American, creating a global leader in critical minerals and a top five copper producer.
The merger is expected to generate significant value for shareholders, with identified synergies of over USD800 million annually.
Teck Resources Ltd (TECK) reported a 19% increase in adjusted EBITDA for the third quarter, driven by higher base metals prices and strong operational performance.
The company maintains a strong balance sheet with $9.5 billion in liquidity, including $5.3 billion in cash.
Teck Resources Ltd (TECK) achieved 100% renewable power for its Chilean operations, enhancing its sustainability credentials.

Negative

Operational constraints at QB due to tailings management facility development work impacted copper production.
Higher operating costs at QB partially offset the increase in adjusted EBITDA.
The company has paused share buybacks due to the pending merger with Anglo American.
There are uncertainties regarding the completion of the merger, including regulatory approvals and shareholder votes.
The company faces challenges in improving sand drainage rates at QB, which affects operational efficiency.

Operator

Thank you for standing by. Welcome to Teck's third quarter 2025 earnings release conference call. (Operator Instructions) This conference call is being recorded on Wednesday, October 22, 2025.

I would now like to turn the conference over to Emma Chapman, Vice President, Investor Relations. Please go ahead.

Emma Chapman

Teck Resources Ltd - Vice President, Investor Relations

Thank you, operator. Good morning, everyone, and thank you for joining us for Teck's third quarter 2025 conference call. Today's call contains forward-looking statements. Actual results may vary due to various risks and uncertainties. Teck does not assume the obligation to update any forward-looking statements.

Please refer to slide 2 for the assumptions underlying our forward-looking statements. We will reference non-GAAP measures throughout this presentation. Explanations and reconciliations are in our MD&A and the latest press release on our website. On today's call, Jonathan Price, our CEO, will provide third quarter 2025 highlights. Crystal Prystai, our CFO, will

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