Teck Resources is a Canadian base metals mining company focused on copper and zinc, which it produces from open-pit mines across Canada, the U.S., Chile, and Peru. Teck sold its steelmaking coal business to Glencore in 2024 to reposition as a pure-play base metals company. Copper is Teck's primary business (~54% of FY25 revenue), with zinc (~24%) as a secondary focus and byproducts like molybdenum, silver, and lead making up the rest. Teck sells copper and zinc concentrates primarily to Asian smelters under long-term contracts, and produces refined zinc and specialty metals at its Trail smelter in British Columbia. Teck is a price-taker on copper and zinc, so revenue is driven primarily by commodity prices and production volumes. Byproduct credits — especially molybdenum from its QB mine in Chile — offset unit costs and improve margins. Teck's key copper assets are QB (its largest and newest mine, still ramping up), Highland Valley Copper in British Columbia, a 22.5% stake in Peru's Antamina joint venture, and Carmen de Andacollo in Chile. Its zinc business centers on Red Dog in Alaska, one of the world's highest-grade zinc mines, and the Trail smelter. Teck's growth strategy targets roughly 800,000 tonnes of annual copper production by end of decade, up from ~454,000 tonnes in FY25, through QB ramp-up and expansion, the Highland Valley mine life extension, and greenfield projects in Peru and Mexico. Teck has also announced a merger with Anglo American, approved by shareholders in late 2025, which would create a top-five global copper producer.