Teck hits top-end 2025 copper guidance as Quebrada Blanca constraints linger

Teck

Teck produces on high end of 2025 guidance after delivering strong copper and solid zinc output. Teck produced 453,000t of copper and 565,000t of zinc in 2025, staying within its guidance ranges. Meanwhile, Teck kept its 2026 production outlook unchanged, even as it flagged lower-grade mining ahead.

Teck’s copper output rose 2pc from 2024, supporting a steadier supply profile for the market. However, operational constraints at key assets still shaped quarterly volatility. Therefore, investors will watch execution discipline as the company moves into 2026.

Quebrada Blanca drives copper, but tailings issues cap momentum

Quebrada Blanca in Chile anchored Teck’s copper result and reached the top of its annual guidance. The site produced 190,000t of copper in 2025. However, fourth-quarter output slipped 9pc year on year to 55,400t after downtime linked to slow sand drainage.

Slow sand drainage has constrained the concentrator and complicated tailings facility development. As a result, Teck plans to build a sand wedge to support a steadier operating state. The company expects tailings development will stop constraining throughput by 2027.

Zinc volumes stay inside guidance as Red Dog output swings

Teck’s zinc production fell to 565,000t in 2025 from 615,900t in 2024. Even so, the company remained within its annual guidance. Meanwhile, fourth-quarter zinc output dropped 26pc to 108,600t, underscoring weaker late-year performance.

Red Dog in Alaska remained Teck’s largest zinc contributor. The mine produced 462,700t of zinc in concentrate in 2025, near the high end of guidance. However, Red Dog’s fourth-quarter output fell 32pc to 87,300t, reflecting operational and seasonal variability.

Teck also recorded softer fourth-quarter sales. Copper sales fell 5pc to 118,600t, while zinc sales dropped 23pc to 157,200t. Refined zinc production in Canada fell 10pc to 229,900t, and refined zinc sales slipped 3pc to 59,400t.

The Metalnomist Commentary

Teck’s 2025 performance shows reliable delivery, but lower grades will pressure costs if productivity slips. Meanwhile, Quebrada Blanca’s tailings pathway remains the copper swing factor. If Teck stabilizes drainage and throughput, it can defend guidance without sacrificing margins.