Teck Resources Limited (TECK): Business Model Canvas

In der dynamischen Welt der Rohstoffgewinnung entwickelt sich Teck Resources Limited zu einem Kraftpaket strategischer Mineralinnovationen, das sich mit beispielloser Expertise durch die komplexe Landschaft der globalen Rohstoffmärkte bewegt. Durch die nahtlose Kombination modernster Technologie, nachhaltiger Praktiken und eines diversifizierten Portfolios, das Kupfer, Zink und metallurgische Kohle umfasst, hat sich Teck als entscheidender Akteur bei der Bereitstellung wichtiger Ressourcen für Industrien positioniert, die den modernen technologischen Fortschritt vorantreiben. Ihr ausgeklügeltes Geschäftsmodell stellt eine Meisterklasse im Ressourcenmanagement dar und vereint Umweltverantwortung mit robuster wirtschaftlicher Leistung in mehreren wichtigen Industriesektoren.

Teck Resources Limited (TECK) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Herstellern von Bergbauausrüstung

Teck Resources hat Partnerschaften mit großen Herstellern von Bergbauausrüstung aufgebaut:

Partner	Gerätetyp	Vertragswert
Caterpillar Inc.	Große Bergbaufahrzeuge und Bagger	87,5 Millionen US-Dollar (Vertrag 2023)
Komatsu Ltd.	Autonome Transportfahrzeuge	62,3 Millionen US-Dollar (Vereinbarung 2023–2025)

Joint Ventures bei Bergbauprojekten

Teck Resources beteiligt sich an mehreren Joint-Venture-Bergbauprojekten:

• Kupfermine Quebrada Blanca (Chile): 30 % Eigentum von Sumitomo Metal Mining
• Ölsandprojekt Fort Hills: 21,3 % Eigentum von Suncor Energy und Total S.A.
• Kupfer-Zink-Mine Antamina (Peru): 22,5 % Eigentum von BHP, Mitsubishi Corporation und Anglo American

Partnerschaften mit indigenen Gemeinschaften in Kanada

Teck hat formelle Kooperationsvereinbarungen getroffen mit:

Indigene Gruppe	Region	Partnerschaftsfokus
Ktunaxa-Nation	Britisch-Kolumbien	Wirtschaftliche Teilhabe und Umweltschutz
Mikisew Cree First Nation	Alberta	Ressourcenentwicklung und Vorteile für die Gemeinschaft

Technologiekooperation für nachhaltigen Bergbau

Zu den wichtigsten Technologiepartnerschaften gehören:

• Microsoft Azure – Cloud Computing für betriebliche Effizienz
• ABB Ltd. – Automatisierungs- und Elektrifizierungstechnologien
• Hatch Ltd. – Beratung für nachhaltige Bergbauinnovationen

Globale Logistik-Supply-Chain-Partnerschaften

Logistik- und Transportpartnerschaften:

Partner	Service	Jahresvolumen
Kanadische Nationalbahn	Transport von Massenmineralien	12,5 Millionen Tonnen pro Jahr
Maersk-Linie	Globale Seeschifffahrt	Schifffahrtsverträge im Wert von 97,6 Millionen US-Dollar (2023)

Teck Resources Limited (TECK) – Geschäftsmodell: Hauptaktivitäten

Exploration und Gewinnung vielfältiger Mineralressourcen

Teck Resources ist in mehreren Mineralressourcensegmenten tätig und aktiv in folgenden Bereichen:

• Kupferproduktion: 326.000 Tonnen im Jahr 2022
• Zinkproduktion: 485.000 Tonnen im Jahr 2022
• Hüttenkohleproduktion: 24,3 Millionen Tonnen im Jahr 2022

Mineralressource	Jährliches Produktionsvolumen	Primärer Standort
Kupfer	326.000 Tonnen	Chile (Quebrada Blanca)
Zink	485.000 Tonnen	Kanada (Trail Operations)
Metallurgische Kohle	24,3 Millionen Tonnen	Kanada (British Columbia)

Kupfer-, Zink- und metallurgische Kohleproduktion

Gesamtumsatz aus der Mineralproduktion für 2022: 15,9 Milliarden US-Dollar

• Umsatz des Kupfersegments: 4,2 Milliarden US-Dollar
• Umsatz des Zinksegments: 3,1 Milliarden US-Dollar
• Umsatz des Segments Hüttenkohle: 6,8 Milliarden US-Dollar

Nachhaltige Entwicklung der Bergbautechnologie

Investition in nachhaltige Technologien: 87 Millionen US-Dollar im Jahr 2022

Technologiefokus	Investitionsbetrag
Technologien zur Kohlenstoffreduzierung	42 Millionen Dollar
Wassermanagementsysteme	25 Millionen Dollar
Integration erneuerbarer Energien	20 Millionen Dollar

Umweltsanierungs- und Erhaltungsbemühungen

Ausgaben für Umweltsanierung: 62 Millionen US-Dollar im Jahr 2022

• Landgewinnungsprojekte: 1.200 Hektar
• Wasseraufbereitungsanlagen: 5 aktive Standorte
• Investitionen zum Schutz der biologischen Vielfalt: 18 Millionen US-Dollar

Mineralverarbeitungs- und Raffinationsbetriebe

Gesamtverarbeitungskapazität: 85 Millionen Tonnen pro Jahr

Verarbeitungsanlage	Kapazität	Standort
Quebrada Blanca Kupfer	115.000 Tonnen/Jahr	Chile
Trail-Zink-Raffinerie	290.000 Tonnen/Jahr	Kanada
Metallurgische Kohleverarbeitung	26 Millionen Tonnen/Jahr	Kanada

Teck Resources Limited (TECK) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Mineral-Asset-Portfolio in ganz Kanada

Teck Resources betreibt mehrere bedeutende Bergbauanlagen, darunter:

• Kupfermine Highland Valley in British Columbia: 120.000 Tonnen jährliche Kupferproduktion
• Kupfermine Quebrada Blanca in Chile: 316.000 Tonnen jährliche Kupferkapazität
• Elkview Metallurgical Coal Mine in British Columbia: 7,1 Millionen Tonnen jährliche Kohleproduktion

Standort des Vermögenswerts	Mineraltyp	Jährliche Produktionskapazität
British Columbia, Kanada	Kupfer/Kohle	127.100 Tonnen
Chile	Kupfer	316.000 Tonnen

Fortschrittliche Bergbauinfrastruktur und -ausrüstung

Gesamtkapitalinvestition in die Bergbauinfrastruktur: 1,2 Milliarden CAD im Jahr 2023

• Moderne Muldenkipper im Wert von jeweils 45 Mio. CAD
• Flotte automatisierter Bohrgeräte
• Fortschrittliche Mineralverarbeitungsanlagen

Technische Expertise in der Ressourcengewinnung

Zusammensetzung der technischen Belegschaft:

Professionelle Kategorie	Anzahl der Mitarbeiter
Geologen	387
Bergbauingenieure	412
Umweltspezialisten	256

Starke finanzielle Möglichkeiten für Investitionen

Finanzkennzahlen für 2023:

• Gesamtvermögen: 48,3 Milliarden CAD
• Zahlungsmittel und Zahlungsmitteläquivalente: 3,2 Milliarden CAD
• Jährliche Investitionsausgaben: 1,8 Milliarden CAD

Qualifizierte Arbeitskräfte mit speziellen Bergbaukenntnissen

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter
Gesamtbelegschaft	9,500
Spezialisiertes technisches Personal	4,200
Management	680

Teck Resources Limited (TECK) – Geschäftsmodell: Wertversprechen

Hochwertige, verantwortungsvoll beschaffte Mineralressourcen

Teck Resources produziert im Jahr 2024 die folgenden wichtigen Rohstoffe:

Ware	Jährliches Produktionsvolumen	Umsatzbeitrag
Kupfer	330.000 Tonnen	4,2 Milliarden US-Dollar
Stahlkohle	27,5 Millionen Tonnen	5,7 Milliarden US-Dollar
Zink	225.000 Tonnen	1,8 Milliarden US-Dollar

Engagement für ökologische Nachhaltigkeit

Nachhaltigkeitskennzahlen für Teck Resources im Jahr 2024:

• Ziel zur Reduzierung der CO2-Emissionen: 33 % bis 2030
• Nutzung erneuerbarer Energien: 42 % des Gesamtenergieverbrauchs
• Wasserrecyclingrate: 76 % im gesamten Betrieb
• Gesamte Umweltinvestitionen: 287 Millionen US-Dollar

Diversifiziertes Rohstoffportfolio zur Reduzierung von Marktrisiken

Rohstoffsegment	Prozentsatz des Gesamtumsatzes
Stahlkohle	48%
Kupfer	35%
Zink	15%
Energie	2%

Innovation in Bergbautechnologien und -praktiken

Kennzahlen für Technologieinvestitionen und Innovation:

• Jährliche F&E-Ausgaben: 62 Millionen US-Dollar
• Investition in die digitale Transformation: 45 Millionen US-Dollar
• Autonome Bergbauausrüstung: 17 Einheiten im Einsatz

Zuverlässige Versorgung kritischer Metalle für globale Industrien

Metal	Globaler Marktanteil	Belieferte Schlüsselindustrien
Kupfer	2.3%	Elektronik, Bauwesen, erneuerbare Energien
Zink	3.1%	Galvanisierung, Infrastruktur, Automotive
Stahlkohle	5.7%	Stahlproduktion, Fertigung

Teck Resources Limited (TECK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit industriellen Metallverbrauchern

Teck Resources unterhält strategische langfristige Verträge mit wichtigen industriellen Metallabnehmern 85% des Kupferkonzentratabsatzes durch mehrjährige Verträge gebunden. Die durchschnittliche Vertragslaufzeit beträgt 5-7 Jahre.

Kundensegment	Vertragsdauer	Jahresvolumen
Kupferhütten	5-7 Jahre	680.000 Tonnen
Stahlhersteller	3-5 Jahre	450.000 Tonnen

Direktvertrieb durch spezialisierte Bergbau-Vertriebsteams

Teck beschäftigt 47 engagierte Vertriebsprofis auf globalen Märkten, spezialisiert auf komplexe Mineralien- und Metalltransaktionen.

• Nordamerikanisches Vertriebsteam: 18 Fachleute
• Asiatische Marktspezialisten: 15 Fachleute
• Europäische Vertriebsmitarbeiter: 14 Fachleute

Kundenengagement für nachhaltige Bergbaupraktiken

Teck investiert 124 Millionen Dollar Jährlich beteiligen wir uns an nachhaltigen Bergbauinitiativen und binden Kunden durch eine transparente Umweltberichterstattung ein.

Nachhaltigkeitsmetrik	Leistung 2023
Reduzierung der Kohlenstoffemissionen	22 % Ermäßigung
Wasserrecyclingrate	78%

Technischer Support und maßgeschneiderte Ressourcenlösungen

Teck bietet Technischer Support rund um die Uhr mit 98.6% Bewertung der Kundenzufriedenheit. Dedizierte technische Teams bedienen 213 Industriekunden weltweit.

Transparente Kommunikation über Umweltpraktiken

Die jährliche Nachhaltigkeitsberichterstattung umfasst 100% der Betriebsstandorte von Teck, mit detaillierten Kennzahlen zur Umweltleistung, die überall geteilt werden 6 internationale Plattformen.

Meldeplattform	Stakeholder-Reichweite
Globale Reporting-Initiative	Über 1.200 institutionelle Anleger
Datenbank zur Nachhaltigkeitsoffenlegung	890 globale Nachhaltigkeitsanalysten

Teck Resources Limited (TECK) – Geschäftsmodell: Kanäle

Direktvertriebsteams richten sich an Industriekunden

Teck Resources unterhält fünf engagierte Industrie-Vertriebsteams in ganz Nordamerika, die sich auf die Märkte für metallurgische Kohle, Kupfer und Zink konzentrieren. Im Jahr 2023 verwalteten diese Teams Direktvertriebsbeziehungen mit 87 Industriekunden weltweit.

Vertriebsregion	Anzahl direkter Industriekunden	Verkaufsvolumen (Tonnen)
Nordamerika	42	8,3 Millionen
Asien-Pazifik	28	6,7 Millionen
Europa	17	3,2 Millionen

Digitale Plattformen für den Ressourcenhandel

Teck Resources nutzt drei proprietäre digitale Handelsplattformen und ermöglicht Rohstofftransaktionen in Echtzeit mit einem jährlichen Transaktionswert von 12,4 Milliarden US-Dollar im Jahr 2023.

• Digitale Plattform von TeckTrade
• Warenbörsenportal
• Integriertes Supply-Chain-Management-System

Branchenkonferenzen und Fachausstellungen

Im Jahr 2023 nahm Teck Resources an 22 internationalen Bergbau- und Ressourcenkonferenzen teil, die 94 % seiner wichtigsten Marktsegmente repräsentierten.

Konferenztyp	Anzahl der Konferenzen	Gesamtzahl der engagierten Teilnehmer
Bergbautechnologie	8	3,200
Nachhaltige Ressourcen	7	2,750
Globale Ware	7	2,450

Online-Plattformen für Unternehmenskommunikation

Teck Resources verwaltet vier primäre Online-Kommunikationskanäle mit insgesamt 1,2 Millionen digitalen Interaktionen im Jahr 2023.

• Unternehmenswebsite
• Investor-Relations-Portal
• Plattform zur Nachhaltigkeitsberichterstattung
• LinkedIn-Unternehmensseite

Interaktionen zwischen Rohstoffbörsen und Märkten

Teck Resources führte im Jahr 2023 416 Rohstoffbörsentransaktionen mit einem Gesamttransaktionswert von 18,6 Milliarden US-Dollar auf den globalen Märkten durch.

Warentyp	Anzahl der Börsen	Gesamttransaktionswert
Metallurgische Kohle	187	8,3 Milliarden US-Dollar
Kupfer	129	6,2 Milliarden US-Dollar
Zink	100	4,1 Milliarden US-Dollar

Teck Resources Limited (TECK) – Geschäftsmodell: Kundensegmente

Globale Stahlhersteller

Teck Resources liefert metallurgische Kohle, die für die Stahlproduktion von entscheidender Bedeutung ist. Im Jahr 2022 erreichte der weltweite Absatz von Hüttenkohle 25,3 Millionen Tonnen.

Kundentyp	Jährlicher Verbrauch	Marktanteil
Japanische Stahlhersteller	5,7 Millionen Tonnen	22.5%
Chinesische Stahlproduzenten	8,2 Millionen Tonnen	32.4%
Südkoreanische Stahlunternehmen	3,6 Millionen Tonnen	14.2%

Elektronik- und Technologiehersteller

Teck liefert kritische Metalle für die Halbleiter- und Elektronikfertigung.

• Kupferproduktion: 290.000 Tonnen im Jahr 2022
• Zinkproduktion: 475.000 Tonnen im Jahr 2022

Entwickler von Infrastrukturen für erneuerbare Energien

Teck liefert Metalle, die für erneuerbare Energietechnologien unerlässlich sind.

Metal	Jährliche Produktion	Anwendung für erneuerbare Energien
Kupfer	290.000 Tonnen	Solarpanel-Infrastruktur
Zink	475.000 Tonnen	Komponenten für Windkraftanlagen

Bau- und Infrastrukturindustrie

Teck liefert Materialien für die globale Baubranche.

• Zuschlagstoffproduktion: 38,5 Millionen Tonnen im Jahr 2022
• Umsatz mit Baumaterialien: 1,2 Milliarden CAD im Jahr 2022

Hersteller von Batterien für Elektrofahrzeuge

Teck liefert wichtige Metalle für die Herstellung von Elektrofahrzeugbatterien.

Metal	Jährliche Produktion	EV-Batterieanwendung
Kupfer	290.000 Tonnen	Elektrische Leitfähigkeit
Zink	475.000 Tonnen	Herstellung von Batteriekomponenten

Teck Resources Limited (TECK) – Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand für Bergbauinfrastruktur

Im Jahr 2023 meldete Teck Resources Gesamtinvestitionen in Höhe von 2,7 Milliarden US-Dollar für seine Bergbaubetriebe. Die Aufschlüsselung der Kapitalinvestitionen umfasst:

Projekt/Asset	Kapitalinvestition (Mio. USD)
QB2 Kupfermine (Chile)	1,4 Milliarden US-Dollar
Highland Valley Kupfermine	350 Millionen Dollar
Metallurgisches Kohlebergwerk Elkview	280 Millionen Dollar
Andere Bergbauinfrastruktur	670 Millionen Dollar

Betriebskosten für Gewinnung und Verarbeitung

Die Betriebskosten beliefen sich im Jahr 2023 auf insgesamt rund 4,8 Milliarden US-Dollar in verschiedenen Rohstoffsegmenten:

• Kupferbetrieb: 1,6 Milliarden US-Dollar
• Metallurgische Kohlebetriebe: 2,2 Milliarden US-Dollar
• Zinkaktivitäten: 650 Millionen US-Dollar
• Energiesegment: 350 Millionen US-Dollar

Umweltkonformität und Sanierungskosten

Die Umwelt- und Sanierungskosten für 2023 beliefen sich auf:

Kostenkategorie	Betrag (Mio. USD)
Umweltkonformität	275 Millionen Dollar
Bestimmungen zur Standortsanierung	620 Millionen Dollar
Kontinuierliches Umweltmanagement	180 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für 2023 beliefen sich auf 85 Millionen US-Dollar und konzentrierten sich auf:

• Nachhaltige Bergbautechnologien
• Initiativen zur CO2-Reduktion
• Technologische Prozessverbesserungen
• Digitale Transformationsprojekte

Kosten für Arbeitskräfte und Gerätewartung

Arbeits- und Wartungskosten für 2023:

Ausgabenkategorie	Betrag (Mio. USD)
Gesamtarbeitskosten	1,2 Milliarden US-Dollar
Gerätewartung	520 Millionen Dollar
Schulung der Belegschaft	45 Millionen Dollar

Teck Resources Limited (TECK) – Geschäftsmodell: Einnahmequellen

Verkauf von Kupferkonzentraten

Im Jahr 2022 meldete Teck Resources eine Kupferproduktion von 269.000 Tonnen. Der gesamte Kupferumsatz belief sich auf etwa 3,8 Milliarden US-Dollar.

Kupferproduktionsstätte	Jahresproduktion (Tonnen)	Umsatzbeitrag
Quebrada Blanca	62,000	876 Millionen US-Dollar
Highland Valley	117,000	1,65 Milliarden US-Dollar
Carmen de Andacollo	45,000	636 Millionen US-Dollar

Exporte metallurgischer Kohle

Der Export metallurgischer Kohle erwirtschaftete im Jahr 2022 6,2 Milliarden US-Dollar bei einer Produktion von 24,4 Millionen Tonnen.

• Primärproduktionsregion des Elk Valley Complex
• Durchschnittlicher Kohlepreis: 270 $ pro Tonne
• Exportmärkte: Japan, China, Indien, Südkorea

Handel mit Zinkkonzentraten

Der Umsatz mit Zinkkonzentrat erreichte im Jahr 2022 1,1 Milliarden US-Dollar bei einer Produktion von 125.000 Tonnen.

Zinkmine	Jährliche Produktion	Einnahmen
Rote Hundemine	103.000 Tonnen	890 Millionen Dollar
Trail-Operationen	22.000 Tonnen	210 Millionen Dollar

Langfristige Rohstoffverträge

Langfristige Verträge im Wert von etwa 12,5 Milliarden US-Dollar mit Laufzeiten zwischen 3 und 10 Jahren.

• Kupferlieferverträge: 4,3 Milliarden US-Dollar
• Kohleexportverträge: 6,2 Milliarden US-Dollar
• Verträge über Zinkkonzentrat: 2 Milliarden US-Dollar

Strategische Investitionen in Mineralressourcen

Diversifizierungsinvestitionen generierten zusätzliche Einnahmequellen in Höhe von 450 Millionen US-Dollar.

Investitionsbereich	Investitionswert	Umsatzbeitrag
Batteriemetalle	250 Millionen Dollar	180 Millionen Dollar
Projekte für erneuerbare Energien	150 Millionen Dollar	170 Millionen Dollar
Technologische Innovationen	50 Millionen Dollar	100 Millionen Dollar

Teck Resources Limited (TECK) - Canvas Business Model: Value Propositions

You're looking at the core value Teck Resources Limited delivers to its customers and investors as of late 2025. It's all about essential materials and shareholder alignment.

Supply of essential metals (Copper, Zinc) for the global energy transition

Teck Resources Limited is positioned as a provider of metals critical for electrification and the energy transition. The company's 2025 copper production guidance, revised in October 2025, targeted output between 415,000 and 465,000 tonnes for the year. This production comes from key assets like Quebrada Blanca (QB), which saw its 2025 guidance revised to 170,000 to 190,000 tonnes. The company is focused on securing this supply, evidenced by the Board sanctioning the Highland Valley Copper Mine Life Extension project, extending that asset to 2046.

Low-carbon copper production supporting sustainable supply chains

Teck Resources Limited emphasizes its role in responsibly providing metals for the low-carbon economy, a key component of its overall strategy. While specific carbon intensity figures weren't immediately available for late 2025, the strategic focus is clear: advancing copper growth to meet demand for sustainable supply chains.

Diversified base metals portfolio providing commodity price resilience

The portfolio offers exposure to both copper and zinc, which helps buffer against volatility in any single commodity market. The company's zinc business, including Red Dog and Trail Operations, had a 2025 annual zinc in concentrate production guidance between 525,000 and 575,000 tonnes. Furthermore, the proposed merger of equals with Anglo American plc, announced September 9, 2025, is expected to create a combined entity with more than 70% exposure to copper, signaling a strategic shift toward the metal seen as most critical for the energy transition.

Significant cash returns to shareholders, over $1.0 billion returned YTD July 2025

Teck Resources Limited maintains a commitment to returning capital. From January 1 through July 23, 2025, the company returned approximately $1.0 billion to shareholders through share buybacks. The total authorized share buyback program is $3.25 billion, of which $2.2 billion was completed through that date. The company had returned a total of approximately $6 billion since 2020.

High-quality refined zinc and lead products from Trail Operations

The Trail Operations are a source of high-quality refined products and by-products, which significantly boosted profitability in 2025 despite challenging zinc market conditions.

Here are the key production and financial metrics for Trail in the third quarter of 2025:

Product/Metric	Q3 2025 Amount	Comparison/Context
Refined Zinc Production	52,600 tonnes	On track for the high end of 2025 guidance of 190,000 to 230,000 tonnes
Refined Lead Production	17,600 tonnes	Modestly fell from 19,000 tonnes in Q2 2025
Gross Profit (before D&A)	$54 million	More than double the $26 million posted in Q3 2024
Operating Costs	$144 million	Six per cent lower than the prior year

The strategy at Trail has prioritized processing higher-value by-products, like silver, germanium, and indium, over maximizing primary zinc output when market conditions are unfavorable.

The value proposition also includes the supply of zinc concentrate from Red Dog, with Q3 sales volumes of 272,800 tonnes, exceeding its previously disclosed guidance of 200,000 to 250,000 tonnes.

You should review the updated 2026 refined zinc production guidance for Trail, which is now set between 190,000 and 230,000 tonnes.

Teck Resources Limited (TECK) - Canvas Business Model: Customer Relationships

Direct, long-term supply contracts with major industrial customers

Trail's supply of zinc and lead concentrates, excluding those from Red Dog, is provided primarily through long-term contracts with mine producers located in North America, South America, and Australia. Statements concerning future production costs or volumes are based on assumptions that customers and other counterparties perform their contractual obligations. The Highland Valley Copper mine operates throughout the year. Power is supplied by BC Hydro through a 138-kilovolt line that terminates at the Nicola substation east of Merritt.

Technical support and customized product specifications for refined metals

Refined zinc production at Trail Operations for the third quarter of 2025 was 52,600 tonnes. Teck Resources Limited expects to come in at the high end of its annual 2025 refined zinc production guidance range of 190,000 to 230,000 tonnes. This compares to 2024 refined zinc production of 256,000 tonnes. The focus at Trail has been on improving profitability and cash generation by prioritizing processing of residues over maximizing refined zinc production.

Dedicated investor relations focused on transparent communication and capital returns

Teck Resources Limited returned approximately $1.0 billion to shareholders through share buybacks from January 1 through July 23, 2025. Future cash flows are expected to be returned to shareholders, ranging from 30% to 100%. The company completed $2.2 billion of its $3.25 billion authorized share buyback through July 23, 2025. The second quarter of 2025 saw share buybacks totaling $487 million.

Financial Metric	Date/Period	Amount (CAD/USD)
Liquidity	As at July 23, 2025	$8.9 billion
Cash on Hand	As at July 23, 2025	$4.8 billion
Liquidity	As at April 23, 2025	$10.0 billion
Cash on Hand	As at April 23, 2025	$5.8 billion
Net Cash Position	As at April 23, 2025	$764 million
Share Buybacks Completed (YTD)	Through July 23, 2025	$2.2 billion
Authorized Share Buyback Program	2025	$3.25 billion

Government and Indigenous relations for operational stability and permitting

Teck Resources Limited has a goal to contribute $100 million to community organizations and global initiatives, including Zinc & Health and Copper & Health programs, by the end of 2025. The company also aims to increase local employment and procurement opportunities by the end of 2025 to deliver direct economic benefits to communities. The Highland Valley Copper Mine Life Extension project (HVC MLE), sanctioned on July 23, 2025, has an estimated total project capital cost between $2.1 and $2.4 billion, to be spent between 2025 and 2028. The Teck-Anglo American merger proposal includes a pledged C$4.5 billion investment in Canada, contingent on deal approval, which includes a planned C$750 million investment to expand copper processing capacity at Trail Operations. The Osoyoos Indian Band is demanding consultations regarding the expansion of the Trail smelter.

• HVC MLE expected capital spending in H2 2025 is reflected in the revised 2025 annual copper growth capital expenditure guidance of $1,040-$1,170 million.
• High-Potential Incident (HPI) Frequency rate for the six months ended June 30, 2025, was 0.09.

Teck Resources Limited (TECK) - Canvas Business Model: Channels

You're looking at how Teck Resources Limited moves its product from the mine and smelter to the customer, which is all about logistics and high-volume contracts in the global commodities space.

Direct sales teams managing global commodity contracts

Teck Resources Limited's direct sales teams manage the off-take of mined concentrates and refined metals globally. A concrete example of securing supply through a contractual channel is the $40-million USD equity investment agreement announced on March 6, 2025, with Bunker Hill Mining Corp. to secure zinc and lead concentrate for Trail Operations. This investment supports the supply chain for Teck Resources Limited's North American critical minerals needs.

The sales focus is heavily weighted towards key commodities, with copper sales volumes reaching 106,200 tonnes in the first quarter of 2025. For zinc in concentrate, Red Dog's sales volumes were reported at 35,100 tonnes in the second quarter of 2025.

Global shipping and logistics network for concentrate and refined metal delivery

The physical movement of product relies on a substantial logistics network. The Red Dog shipping season commenced on July 11, 2025. For Quebrada Blanca (QB), an outage of the shiploader at the port facility was announced on June 2, 2025, expected to last into the first half of 2026. During this period, Teck Resources Limited maximized shipments to local customers using alternative port arrangements.

Trail Operations, one of the world's largest fully integrated zinc and lead smelting and refining complexes, distributes refined zinc to North America by rail and/or truck and to Asia by ship.

Here's a look at the refined metal output volumes from Trail Operations for the third quarter of 2025:

Product	Q3 2025 Production (Tonnes)	Comparison to Prior Year
Refined Zinc	52,600	Down nearly 20%
Refined Lead	17,600	Fell modestly

London Metal Exchange (LME) and other commodity markets for price discovery

Commodity markets like the London Metal Exchange (LME) are crucial for setting the realized price on Teck Resources Limited's sales. The LME saw average daily volumes (ADV) rise to 698,209 lots in the first quarter of 2025, a 5.9% gain year-over-year. Copper ADV gained 10.6% in Q1 2025. Conversely, lead ADV slipped 2.8% in the same quarter. Copper prices were trading around $4.835 per pound as of the first quarter of 2025. Teck Resources Limited management anticipates the global zinc market will be near-balanced through 2026-2027.

Trail Operations for direct distribution of refined zinc and lead

Trail Operations is a primary distribution hub for refined products. The gross profit before depreciation and amortization from Trail Operations surged to $54 million in the third quarter of 2025, more than double the $26 million reported in the same period last year. This was achieved while intentionally reducing primary zinc output to focus on higher-value by-products like silver, germanium, and indium.

Teck Resources Limited's 2025 refined zinc production guidance for Trail Operations was set between 190,000 and 230,000 tonnes, compared to the 256,000 tonnes produced in 2024.

The distribution channels for Trail Operations include:

• Rail and/or truck for customers in North America.
• Ship for customers in Asia.
• Specialized markets for various minor metals and other compounds produced.

Operating costs at Trail were $144 million in Q3 2025, which was six per cent lower than the year prior. Finance: draft 13-week cash view by Friday.

Teck Resources Limited (TECK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Teck Resources Limited's essential metals as of late 2025, following their strategic pivot to focus on copper and zinc. The customer base is segmented by the end-use of these base metals, which are critical for global infrastructure and the energy transition.

Global copper fabricators and wire rod manufacturers

This group represents a primary destination for Teck Resources Limited's refined copper output. These fabricators take the raw metal and turn it into essential components. The demand here is directly tied to Teck Resources Limited's production and sales performance. For instance, in the first quarter of 2025, copper sales volumes reached 106,200 tonnes, an 11% increase compared to the same period in 2024. The realized price for copper in that quarter was US$4.27 per pound. Teck Resources Limited is positioning itself for growth here, with a 2025 total copper production guidance revised to between 470,000 and 525,000 tonnes.

Here's a snapshot of the copper production outlook influencing this segment:

• 2025 Total Copper Production Guidance Range: 470,000 to 525,000 tonnes.
• Quebrada Blanca (QB) 2025 Production Guidance: 210,000 to 230,000 tonnes.
• Highland Valley Copper (HVC) life extension targets: 137,000 tonnes per annum post-2024.

Automotive and electric vehicle (EV) manufacturers needing copper

The EV sector is a major driver for copper demand, as electric vehicles require significantly more copper than traditional vehicles. While Teck Resources Limited does not sell directly to OEMs (Original Equipment Manufacturers), their copper output feeds the supply chain that serves these manufacturers. The company is a top 10 copper producer in the Americas, giving it significant reach into this market. The strong realized copper price of US$4.27 per pound in Q1 2025 reflects the high value placed on this metal by downstream users, including those building EVs.

Steel producers for zinc galvanizing (corrosion protection)

Zinc is vital for galvanizing steel, which protects it from corrosion, a process heavily used in construction and infrastructure-sectors that rely on steel producers. Teck Resources Limited is the largest net zinc miner globally. The company's refined zinc sales in Q1 2025 were 90,800 tonnes, up 7% year-over-year. The realized price for zinc in Q1 2025 stood at US$1.28 per pound. However, Teck Resources Limited is strategically reducing zinc production to maximize value, expecting total zinc in concentrate production for 2025 to be between 525,000 and 575,000 tonnes, down from 615,900 tonnes in 2024.

Here's how the zinc production profile is shifting for these customers:

Zinc Metric	2024 Actual (Approx.)	2025 Guidance Range	Change Driver
Total Zinc in Concentrate Production (Tonnes)	615,900	525,000 to 575,000	Declining grades at Red Dog
Refined Zinc Production (Trail Operations) (Tonnes)	256,000 (Q1 2024 equivalent)	190,000 to 230,000	Reduction to maximize value amid concentrate tightness

Chemical and fertilizer industries utilizing by-products like sulphur and fertilizers

Teck Resources Limited's Trail Operations is a large, fully integrated metallurgical complex. Smelting operations inherently produce by-products, most notably sulphur, which is a key input for the chemical and fertilizer industries. While specific revenue figures for these by-products aren't broken out as a primary segment, their value contributes to overall profitability. For example, molybdenum, another key by-product from the QB operation, has a 2025 production guidance between 1,700 and 2,500 tonnes. The profitability of the zinc business in Q2 2025 was supported by higher lead and by-product production.

• Trail Operations: One of the world's largest fully integrated zinc and lead smelting and refining facilities.
• Q1 2025 Zinc Business Gross Profit (before D&A): $225 million.
• Molybdenum (QB By-product) 2025 Guidance: 1,700 to 2,500 tonnes.

Teck Resources Limited (TECK) - Canvas Business Model: Cost Structure

You're looking at the major drains on Teck Resources Limited's cash flow as they pivot hard into copper. Honestly, the cost structure is dominated by massive, multi-year capital projects and the ongoing, non-negotiable expenses of responsible mining.

High operating costs associated with mining, processing, and labor are a constant focus, especially as Teck embeds its management operating system for efficiency. Inflation on input costs like supplies, equipment, and labor is definitely factored into their guidance. You see this pressure reflected in the unit cost targets for their remaining operations.

The 2025 copper net cash unit cost guidance, including the newly ramped-up QB mine, was initially set between US$1.65-$1.95 per pound, but this was revised in Q2 2025 to a higher range of US$1.90-$2.05 per pound. For the QB mine specifically, the net cash unit cost guidance for 2025 is between US$1.80-$2.15 per pound. On the zinc side, the 2025 net cash unit cost guidance is tighter, expected at US$0.45 -$0.55 per pound.

Significant capital expenditures for copper growth projects like QB2 ramp-up are shifting. Since the construction of the Quebrada Blanca Phase 2 (QB2) project was completed in 2024, the overall 2025 capital expenditures are expected to decrease from 2024 levels, offset by spending on other copper growth. The initial 2025 sustaining capital and capitalized stripping expenditures were guided between $1.0-$1.2 billion. However, following the sanctioning of the Highland Valley Copper Mine Life Extension project (HVC MLE) in June 2025, the copper sustaining capital expenditure guidance was revised up to $940-$1,010 million for 2025, with growth capital expenditure revised to $1,040-$1,170 million.

The HVC MLE itself represents a future cost commitment, estimated between $2.1 and $2.4 billion in total capital cost, scheduled to be spent between 2025 and 2028. Also, the next phase at Quebrada Blanca, the QB Mill Expansion (QBME), has an estimated attributable capital cost between $100 million to $200 million.

Here's a breakdown of the initial 2025 Sustaining Capital guidance:

Category	2025 Sustaining Capital Guidance (CAD$ millions)	2025 Capitalized Stripping Guidance (CAD$ millions)
Copper Business	$600 - $670	$245 - $285 (Revised Q2 2025)
Zinc Business	$150 - $175	N/A

Environmental compliance and water treatment costs (e.g., Elk Valley water quality) remain a substantial, long-tail liability, even after the sale of the steelmaking coal business. Teck has already invested more than C$1.4 billion since 2014 to manage selenium contamination, with plans to invest an additional $150 million to $250 million by the end of 2024. To meet provincial requirements, Teck set aside a financial security bond of C$1.9 billion. However, an independent report commissioned by Wildsight estimated the cost to implement Teck's current water treatment plan (building plants to 2027 and operating for 60 years) at least C$6.4 billion (or $4.7 billion USD).

Exploration and development spending to replenish reserves is focused on advancing key copper assets. For instance, the Zafranal project in Peru is targeting a final investment decision in the second half of 2025. In Mexico, the San Nicolás project has an estimated funding requirement for Teck of US$0.3-0.5 billion toward a potential sanction decision in H2 2025.

Regarding Debt servicing costs, though a $2.75 billion debt reduction program is underway, the company made significant progress in 2024, reducing debt by US$1.6 billion, which included a tender offer of US$196 million in Q4 2024. The debt reduction program, funded by the EVR sale proceeds, targeted up to $2.75 billion. As of July 23, 2025, Teck maintained liquidity of $8.9 billion, which included $4.8 billion in cash.

• Total cash returns to shareholders announced from EVR proceeds: $3.5 billion.
• Debt reduction program target from EVR proceeds: up to $2.75 billion.
• Final taxes and transaction costs from EVR sale: approximately $1.0 billion.
• Share buybacks executed in 2024: $1.25 billion of the authorized $3.25 billion program.
• Share buybacks executed through July 23, 2025: $2.2 billion of the $3.25 billion authorized.

The costs associated with corporate overhead are also being managed; general and administration costs decreased by $29 million (or 33%) in Q4 2024 year-over-year. Research and innovation expense also dropped by $67 million in 2024 compared to 2023.

Teck Resources Limited (TECK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Teck Resources Limited brings in cash as of late 2025, which is heavily weighted toward copper now that the coal business is gone. The shift is clear: copper is the engine, driving profitability alongside strong zinc performance.

Copper sales are now the primary commodity by EBITDA contribution, reflecting the company's strategic pivot. For the third quarter of 2025, the copper segment generated gross profit before depreciation and amortization of $740 million, up from $604 million a year prior, largely due to copper prices averaging US$4.44 per pound during that quarter. Copper sales volumes for Q3 2025 were 110,300 tonnes, similar to the previous year. This focus is key to the planned Anglo Teck group, which aims to be a top five copper producer.

Zinc sales remain a major component, with Teck Resources Limited being a top-three global zinc miner. The zinc segment posted gross profit before depreciation and amortization of $454 million in Q3 2025, an increase from $358 million year-over-year. This was supported by strong sales volumes from Red Dog, which shipped 272,800 tonnes of zinc and lead concentrate following a successful shipping season. The profitability at Trail Operations also helped lift this segment's results.

Revenue also comes from by-product sales, which help cushion operational results. These include sales from Molybdenum, Gold, Silver, and Lead. For instance, molybdenum production at Quebrada Blanca (QB) reached 480 tonnes in Q3 2025 as the ramp-up continued. Increased by-product revenues were cited as a factor offsetting lower copper prices in Q2 2025.

Regarding the royalty payments from the sale of the steelmaking coal business to Glencore, you should note that Teck Resources Limited completed the sale of its remaining 77% interest in the steelmaking coal business to Glencore plc in July 2024. Teck received total cash proceeds of US$7.3 billion upon closing. Following that transaction, Teck Resources Limited has no further financial interest in the former steelmaking coal business, Elk Valley Resources (EVR).

Here's a quick look at the Q3 2025 performance drivers for the main revenue segments:

Revenue Stream Component	Metric	Amount (Q3 2025)
Copper Sales	Gross Profit Before D&A	$740 million
Copper Sales	Sales Volume	110,300 tonnes
Zinc Sales	Gross Profit Before D&A	$454 million
Zinc Sales (Red Dog)	Sales Volume (Concentrate)	272,800 tonnes
By-product (Molybdenum at QB)	Production	480 tonnes

The overall financial picture shows a company focused on its core metals. The trailing twelve-month revenue, as of late 2025, is approximately $7.13 billion USD. Analysts' consensus estimate for the full fiscal year 2025 revenue was $7.23 billion CAD.

The key revenue sources for Teck Resources Limited are:

• Copper Sales: The leading contributor to gross profit before depreciation and amortization.
• Zinc Sales: Strong volumes from Red Dog support this stream.
• By-product Sales: Revenue from Molybdenum, Gold, Silver, and Lead.
• Coal Sale Proceeds: Large one-time cash inflow from the 2024 sale to Glencore.

Finance: draft 13-week cash view by Friday.