Canadian mining heavyweight Teck Resources posted sharp earnings growth for the third quarter as it reported that its $35 billion merger with Anglo American remains on track to close as planned.
Record copper prices and increased production helped drive Teck's financial performance during the quarter, said President and Chief Executive Jonathan Price.
"Across our copper business, we increased production, lowered unit costs and delivered strong margin growth, while our zinc business continued to contribute meaningful cash flow generation," he said Thursday.
Net income for the July-September period surged to 1.59 billion Canadian dollars, equivalent to US$1.14 billion, from C$281 million a year earlier. Revenue climbed 33% to C$4.52 billion.
On a per-share basis, profit jumped to C$3.24 from C$0.57, while adjusted earnings before interest, taxes, depreciation and amortization surged 97% on the year.
In the earnings release, Teck said it continues to work closely with Anglo to secure the approvals needed for the merger.
The deal--one of the mining industry's biggest ever--was announced in September last year as companies rushed to boost bets on copper, used in everything from artificial-intelligence infrastructure to electric vehicles.
Teck said the transaction remains on track to close within the originally stated 12-18 months from the date of the announcement.
"We expect that the merger will close approximately 11 trading days following the satisfaction or waiver of the last condition precedent to the merger's closing," it said.
The combination is expected to deliver annual pretax synergies of approximately US$800 million.
Teck maintained its 2026 annual production forecast, but said it expects copper production to come in at the low end of the guidance range after severe weather disruptions.
Copper volumes rose 11% during the quarter from a year earlier, except at Carmen de Andacollo, where production decreased as extreme weather led to an extended shutdown.
It cut 2026 copper and zinc net cash unit cost guidance--a key financial metric for miners--citing strong cost performance and pricing for byproducts.
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