TECK RESOURCES LTD (TECK)

Teck Resources Limited is a Canadian natural resources company whose business is exploring for, acquiring, developing, producing and selling natural resources. In August 2024 it announced a new business structure to support a shift to a pure-play energy transition metals company focused on growth. In 2024 it completed the sale of its steelmaking coal business: a minority interest went to Nippon Steel Corporation and POSCO in January, and the remaining 77% went to Glencore Plc in July.

Teck's activities are organized into reportable segments focused on copper and zinc, supported by corporate offices that provide administrative, technical, financial and other support. Its principal products are copper and zinc. It also produces lead concentrates, refined lead, silver, gold, molybdenum, and various specialty metals, chemicals and fertilizers, and it explores for copper, zinc and nickel on a targeted and opportunistic basis. Its operations are the Highland Valley Copper/Molybdenum mine in British Columbia; Antamina, a copper/zinc/molybdenum mine in Peru in which it holds a 22.5% indirect interest; Quebrada Blanca, a copper/molybdenum mine in Chile; Carmen de Andacollo, a copper/gold mine in Chile; the Trail Operations zinc/lead refinery in British Columbia; and the Red Dog zinc/lead mine in Alaska. Its structure now has two regional business units. North America covers Highland Valley Copper, Red Dog, Trail and the Galore Creek, Schaft Creek and NewRange copper growth projects. Latin America covers Carmen de Andacollo, Quebrada Blanca, Antamina and the Zafranal, San Nicolas and NuevaUnión copper growth projects.

In 2024 Teck's revenue was $9.065 billion, of which copper was 56%, zinc 26% and other products 18%. In 2023 revenue was $6.476 billion, split 47% copper, 34% zinc and 19% other. These figures exclude discontinued operations. The text mentions customer negotiations over copper, zinc and lead concentrate prices, volumes and treatment and refining charges, but it does not identify specific customers or markets.

Teck Resources Limited was continued under the Canada Corporations Act in 1978, and its registered and principal offices are at 550 Burrard Street, Vancouver, British Columbia. It operates through subsidiaries in Canada, Chile and the United States. Teck holds 60% of Compañía Minera Teck Quebrada Blanca, 90% of Compañía Minera Teck Carmen de Andacollo, and 66.67% of Quebrada Blanca Holdings SpA. It also operates some assets through joint arrangements, including 50/50 joint ventures with Agnico Eagle Mines Limited for San Nicolás and with PolyMet Mining Corp. for the Mesaba and NorthMet combination. Teck depends on third parties for transportation and port services, and its Trail smelting and refining complex relies on a future supply of low-cost power. Its Class A common shares and Class B subordinate voting shares are listed, with the Class A shares due to be exchanged for Class B shares, renamed common shares, on May 12, 2029.