Teck Resources Ltd. (NYSE: TECK) has announced a robust financial performance for the fourth quarter of 2024, driven by record copper production and favorable market conditions.
In Q4 2024, Teck achieved a record copper production of 122,100 tonnes, marking a 60% increase compared to the same period in the previous year. This surge was primarily attributed to the continued ramp-up of the Quebrada Blanca (QB) mine in Chile, which produced 60,700 tonnes during the quarter. The company also reported a 24% increase in copper sales volumes year-over-year, totaling 124,900 tonnes.
Teck reported an adjusted profit from continuing operations attributable to shareholders of $232 million, or $0.45 per share, for Q4 2024. This represents a significant improvement from the $167 million loss reported in the same quarter of 2023. The company’s revenue for the quarter totaled $2.8 billion, up from $1.8 billion in Q4 2023.
In 2024, Teck completed the sale of a 77% interest in its steelmaking coal business to Glencore, marking a strategic shift towards becoming a pure-play energy transition metals company. The company returned $1.8 billion to shareholders through share buybacks and dividends during the year. As of February 19, 2025, Teck had completed $1.45 billion of its authorized $3.25 billion buyback program.
Looking ahead, Teck expects its annual copper production to further increase to between 490,000 and 565,000 tonnes in 2025, as the QB mine continues to ramp up operations. The company anticipates achieving design mill throughput rates at QB by the end of 2024, with improvements in grades and recoveries expected to drive increased production in the coming year.
Teck’s strong performance underscores its strategic focus on copper and other energy transition metals, positioning the company for long-term growth in the evolving global energy landscape.
As of April 24, 2025, Teck Resources Ltd. (NYSE: TECK) is trading at $34.88, reflecting a 2.94% increase from the previous close. The stock has seen an intraday high of $36.49 and a low of $34.48, with a trading volume of 5,116,237 shares.
