Teck Copper Production Rises as All Four Mines Lift First-Quarter Output

Teck

Teck copper production rose sharply in the first quarter as all four of the Canadian miner’s copper operations delivered higher output. The company produced 140,000t of copper in January-March, up 32% from a year earlier.

Teck copper production growth was broad-based, with gains from Quebrada Blanca, Highland Valley, Antamina and Carmen de Andacollo. The result strengthens Teck’s position in a market increasingly focused on copper supply security for grids, electrification and industrial infrastructure.

Teck copper production remains on track with the company’s 2026 guidance of 455,000-530,000t. The first-quarter performance gives Teck a strong start to the year, despite planned maintenance at Quebrada Blanca and mixed recovery performance at some assets.

The stronger copper result also supported earnings. Teck reported first-quarter profit of C$809mn, up from C$313mn a year earlier.

Quebrada Blanca and Highland Valley Drive Copper Growth

Quebrada Blanca produced 55,500t of copper in the first quarter, up 31% from a year earlier. The increase came despite a planned maintenance shutdown early in the period.

Teck is implementing an action plan at Quebrada Blanca this year to improve production. The mine remains central to the company’s copper growth profile in Chile.

Highland Valley in Canada also delivered a strong quarter. Copper output rose by 36% to 40,200t, mainly because of higher grades and stronger mill throughput.

Lower recovery rates partly offset the improvement at Highland Valley. Still, the mine’s performance shows how grade and throughput improvements can quickly lift output when processing capacity is available.

Antamina in Peru also contributed to the copper increase. The mine, jointly owned by Teck, BHP, Glencore and Mitsubishi, produced 135,000t of copper, up 42%.

Carmen de Andacollo in Chile produced 13,900t, up 7% from a year earlier. Higher copper grades and stronger recovery rates supported the increase.

The result highlights the value of portfolio diversification. Teck’s copper growth did not depend on one asset alone, reducing the operational risk of isolated maintenance or recovery issues.

Zinc Weakness Offsets Some Base Metals Strength

Teck’s zinc performance was weaker than copper. Total zinc-in-concentrate production fell by 12% to 120,300t, reflecting planned activity at Red Dog and Antamina.

Zinc sales fell more sharply, dropping by 35% to 69,700t. This reduced the contribution from Teck’s zinc concentrate business during the quarter.

However, refined zinc output at Trail in British Columbia rose by 27% to 73,800t. The Trail operation remains important because it connects Teck’s mining output with downstream refined metal and by-product production.

By-product output at Trail, including silver and germanium, was steady on the year. Germanium remains strategically important because of its use in fibre optics, infrared systems, semiconductors and defence-related applications.

Teck is working with the Canadian government to explore options to increase germanium production. This could strengthen Canada’s role in critical minerals supply, especially as western buyers seek more non-Chinese sources of minor metals.

The Middle East conflict is not expected to significantly disrupt Teck’s fuel supply. However, the company warned that higher diesel costs could affect its Chilean operations, where fuel must be imported.

This cost risk matters for copper miners. Even when production is strong, fuel, reagents, logistics and power costs can influence margins and project economics.

The Metalnomist Commentary

Teck’s first-quarter copper growth shows the strategic value of diversified mine exposure across Canada, Chile and Peru. The next focus will be whether Quebrada Blanca’s action plan can convert early momentum into sustained copper growth while zinc and diesel cost pressures remain manageable.