Teck Resources Ltd.<\/a> says record copper sales and strong commodity prices helped lift its first-quarter profit, but the war in the Middle East is resulting in higher fuel costs and supply chain risks, particularly at its operations in Chile.<\/p>\nThe Vancouver-based miner, which continues to work toward a combination with global mining giant Anglo American PLC, says copper prices were 38 per cent higher year-over-year during the three-month period ended March 31 at an average of US$5.83 a pound.<\/p>\n
Production of the metal increased to 140,000 tonnes, up from 106,100 tonnes a year earlier. <\/p>\n
\u201cWe delivered a very strong start to the year with robust financial results reflecting both disciplined execution across our operations and the cash flow generation potential of our portfolio,\u201d chief executive Jonathan Price told analysts on a conference call Thursday. <\/p>\n
Teck\u2019s first-quarter profit more than doubled compared with a year earlier. Earnings attributable to shareholders were $819 million, or $1.67 per diluted share, up from $370 million, or 73 cents per diluted share, in the same 2025 quarter.<\/p>\n
On an adjusted basis, Teck earned $1.75 per diluted share in its latest quarter, up from 60 cents per diluted share in the same quarter last year.<\/p>\n
Revenue for the quarter totalled $3.94 billion, up from $2.29 billion.<\/p>\n
Teck is feeling the knock-on effects of the oil supply shock triggered by the war embroiling much of the Middle East. Roughly 20 per cent of the world\u2019s crude oil supply normally passes through the Strait of Hormuz, a narrow waterway connecting the Persian Gulf to the open sea. Traffic through the channel has been halted since the U.S. and Israel launched their attacks on Iran in late February, sending energy prices soaring. <\/p>\n
Chief financial officer Crystal Prystai said the inflationary and supply chain risks are mainly tied to diesel that needs to be imported into Chile, where Teck produces copper at the Quebrada Blanca mine high in the Andes, as well as copper and gold at Carmen de Andacollo. <\/p>\n
\u201cThis inflationary risk to cost needs to be seen in the context of the material benefit on our unit costs from additional byproduct revenue, which currently more than offsets the impact of higher diesel prices,\u201d Prystai told analysts. <\/p>\n
Teck and Anglo American revealed a plan to join up in a \u201cmerger of equals\u201d in September of last year. Price said the deal is on-track to close 12 to 18 months from that announcement. It has shareholder and Canadian government approval in-hand. South Korean regulators also gave it the go-ahead earlier this year. <\/p>\n
Price said discussions with the Chinese regulator are \u201cproceeding very much on the normal course\u201d and no issues have been raised thus far. <\/p>\n
The combined company, Anglo Teck, is to maintain its headquarters in Canada and have most senior managers and board members based here. But it will continue to be incorporated in the United Kingdom, meaning that, under current rules, Teck would be dropped from the S&P\/TSX composite index. <\/p>\n
Emma Chapman, director of investor relations, told analysts that there\u2019s been some \u201creally positive momentum\u201d in talks with S&P Dow Jones Indices toward finding a \u201cpractical solution\u201d that would allow Anglo Teck be included in the Canadian index.<\/p>\n
\u201cThis is ultimately being driven by market participants who really want this outcome,\u201d she said. <\/p>\n
Lauren Krugel, The Canadian Press<\/p>\n
This report by The Canadian Press was first published April 23, 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management, joins BNN Bloomberg to discuss the…\n","protected":false},"author":2,"featured_media":21259,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,3540],"class_list":["post-623893","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-mining"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/623893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=623893"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/623893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/21259"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=623893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=623893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=623893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}