Teck Resources Limited (TECK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la extracción de recursos, Teck Resources Limited surge como una potencia de innovación de minerales estratégicos, navegando por el complejo panorama de los mercados mundiales de productos básicos con experiencia incomparable. Al combinar a la perfección la tecnología de vanguardia, las prácticas sostenibles y una cartera diversificada que abarca el cobre, el zinc y el carbón metalúrgico, Teck se ha posicionado como un jugador crítico en el suministro de recursos esenciales a las industrias que impulsan el avance tecnológico moderno. Su sofisticado modelo de negocio representa una clase magistral en la gestión de recursos, equilibrando la responsabilidad ambiental con un desempeño económico robusto en múltiples sectores industriales críticos.

Teck Resources Limited (Teck) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de equipos mineros

Teck Resources ha establecido asociaciones con los principales fabricantes de equipos mineros:

Pareja	Tipo de equipo	Valor de contrato
Caterpillar Inc.	Grandes camiones mineros y excavadoras	$ 87.5 millones (contrato de 2023)
Komatsu Ltd.	Camiones de transporte autónomos	$ 62.3 millones (acuerdo 2023-2025)

Empresas conjuntas en proyectos mineros

Teck Resources participa en múltiples proyectos de minería de empresas conjuntas:

• Mina de cobre de Quebrada Blanca (Chile): 30% de propiedad con Sumitomo Metal Mining
• Proyecto de arenas petrolíferas de Fort Hills: 21.3% de propiedad con Suncor Energy y Total S.A.
• Mina Antamina Copper-Zinc (Perú): 22.5% de propiedad con BHP, Mitsubishi Corporation y Anglo American

Asociaciones con comunidades indígenas en Canadá

Teck ha establecido acuerdos de colaboración formales con:

Grupo indígena	Región	Enfoque de asociación
Nación ktunaxa	Columbia Británica	Participación económica y administración ambiental
Mikisew Cree First Nation	Alberta	Desarrollo de recursos y beneficios de la comunidad

Colaboración tecnológica para minería sostenible

Las asociaciones de tecnología clave incluyen:

• Microsoft Azure: computación en la nube para la eficiencia operativa
• ABB Ltd. - Tecnologías de automatización y electrificación
• Hatch Ltd. - Consultoría de innovación minera sostenible

Asociaciones de la cadena de suministro de logística global

Logística y asociaciones de transporte:

Pareja	Servicio	Volumen anual
Ferrocarril nacional canadiense	Transporte mineral a granel	12.5 millones de toneladas métricas anualmente
Línea de Maersk	Envío marítimo global	$ 97.6 millones de contratos de envío (2023)

Teck Resources Limited (TECK) - Modelo de negocio: actividades clave

Exploración y extracción de recursos minerales diversificados

Teck Resources opera en segmentos de recursos minerales múltiples con operaciones activas en:

• Producción de cobre: ​​326,000 toneladas en 2022
• Producción de zinc: 485,000 toneladas en 2022
• Producción de carbón metalúrgico: 24.3 millones de toneladas en 2022

Recurso mineral	Volumen de producción anual	Ubicación principal
Cobre	326,000 toneladas	Chile (Quebrada Blanca)
Zinc	485,000 toneladas	Canadá (operaciones de senderos)
Carbón metalúrgico	24.3 millones de toneladas	Canadá (Columbia Británica)

Producción de cobre, zinc y carbón metalúrgico

Ingresos de producción de minerales totales para 2022: $ 15.9 mil millones

• Ingresos del segmento de cobre: ​​$ 4.2 mil millones
• Ingresos del segmento de zinc: $ 3.1 mil millones
• Ingresos de segmento de carbón metalúrgico: $ 6.8 mil millones

Desarrollo de tecnología minera sostenible

Inversión en tecnologías sostenibles: $ 87 millones en 2022

Enfoque tecnológico	Monto de la inversión
Tecnologías de reducción de carbono	$ 42 millones
Sistemas de gestión del agua	$ 25 millones
Integración de energía renovable	$ 20 millones

Rehabilitación ambiental y esfuerzos de conservación

Gastos de rehabilitación ambiental: $ 62 millones en 2022

• Proyectos de recuperación de tierras: 1.200 hectáreas
• Instalaciones de tratamiento de agua: 5 sitios activos
• Inversiones de conservación de biodiversidad: $ 18 millones

Operaciones de procesamiento y refinación de minerales

Capacidad de procesamiento total: 85 millones de toneladas por año

Instalación de procesamiento	Capacidad	Ubicación
Cobre de Quebrada Blanca	115,000 toneladas/año	Chile
Trail Zinc Refinery	290,000 toneladas/año	Canadá
Procesamiento de carbón metalúrgico	26 millones de toneladas/año	Canadá

Teck Resources Limited (TECK) - Modelo de negocio: recursos clave

Cartera de activos minerales diversos en todo Canadá

Teck Resources opera múltiples activos mineros significativos, que incluyen:

• Mina de cobre Highland Valley en Columbia Británica: 120,000 toneladas de producción anual de cobre
• Mina de cobre de Quebrada Blanca en Chile: 316,000 toneladas Capacidad de cobre anual
• Mina de carbón metalúrgico de ElkView en Columbia Británica: 7.1 millones de toneladas de producción de carbón anual

Ubicación del activo	Tipo mineral	Capacidad de producción anual
Columbia Británica, Canadá	Cobre/carbón	127,100 toneladas
Chile	Cobre	316,000 toneladas

Infraestructura y equipo minero avanzado

Inversión total de capital en infraestructura minera: CAD 1.2 mil millones en 2023

• Camiones de transporte modernos valorados en CAD 45 millones cada uno
• Flota automatizada de equipos de perforación
• Instalaciones avanzadas de procesamiento de minerales

Experiencia técnica en extracción de recursos

Composición de la fuerza laboral técnica:

Categoría profesional	Número de empleados
Geólogos	387
Ingenieros mineros	412
Especialistas ambientales	256

Fuertes capacidades financieras para la inversión

Métricas financieras para 2023:

• Activos totales: CAD 48.3 mil millones
• Equivalentes de efectivo y efectivo: CAD 3.2 mil millones
• Gastos de capital anuales: CAD 1.8 mil millones

Fuerza laboral calificada con conocimiento minero especializado

Categoría de empleado	Total de empleados
Fuerza de trabajo total	9,500
Personal técnico especializado	4,200
Gestión	680

Teck Resources Limited (TECK) - Modelo de negocio: propuestas de valor

Recursos minerales de alta calidad y de origen responsable

Teck Resources produce los siguientes productos clave en 2024:

Producto	Volumen de producción anual	Contribución de ingresos
Cobre	330,000 toneladas métricas	$ 4.2 mil millones
Carbón de fabricación de acero	27.5 millones de toneladas	$ 5.7 mil millones
Zinc	225,000 toneladas métricas	$ 1.8 mil millones

Compromiso con la sostenibilidad ambiental

Métricas de sostenibilidad para recursos de Teck en 2024:

• Objetivo de reducción de emisiones de carbono: 33% para 2030
• Uso de energía renovable: 42% del consumo total de energía
• Tasa de reciclaje de agua: 76% en todas las operaciones
• Inversión ambiental total: $ 287 millones

Cartera de productos básicos diversificados reduciendo los riesgos de mercado

Segmento de productos básicos	Porcentaje de ingresos totales
Carbón de fabricación de acero	48%
Cobre	35%
Zinc	15%
Energía	2%

Innovación en tecnologías y prácticas mineras

Métricas de inversión tecnológica e innovación:

• Gasto anual de I + D: $ 62 millones
• Inversión de transformación digital: $ 45 millones
• Equipo de minería autónomo: 17 unidades desplegadas

Suministro confiable de metales críticos para industrias globales

Metal	Cuota de mercado global	Industrias clave atendidas
Cobre	2.3%	Electrónica, construcción, energía renovable
Zinc	3.1%	Galvanización, infraestructura, automotriz
Carbón de fabricación de acero	5.7%	Producción de acero, fabricación

Teck Resources Limited (Teck) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con consumidores de metales industriales

Teck Resources mantiene contratos estratégicos a largo plazo con consumidores de metales industriales clave, con 85% de ventas de concentración de cobre vinculadas por acuerdos de varios años. La duración promedio del contrato abarca 5-7 años.

Segmento de clientes	Duración del contrato	Volumen anual
Fundición de cobre	5-7 años	680,000 toneladas métricas
Fabricantes de acero	3-5 años	450,000 toneladas métricas

Ventas directas a través de equipos especializados de ventas mineras

Teck emplea 47 profesionales de ventas dedicados en los mercados globales, especializados en complejas transacciones minerales y metálicas.

• Equipo de ventas de América del Norte: 18 profesionales
• Especialistas del mercado asiático: 15 profesionales
• Representantes de ventas europeos: 14 profesionales

Participación del cliente en prácticas mineras sostenibles

Teck invierte $ 124 millones Anualmente en iniciativas mineras sostenibles, involucrando a los clientes a través de informes ambientales transparentes.

Métrica de sostenibilidad	2023 rendimiento
Reducción de emisiones de carbono	Reducción del 22%
Tasa de reciclaje de agua	78%

Soporte técnico y soluciones de recursos personalizadas

Teck proporciona Soporte técnico 24/7 con 98.6% Calificación de satisfacción del cliente. Los equipos técnicos dedicados sirven 213 clientes industriales a nivel mundial.

Comunicación transparente sobre prácticas ambientales

Cubras de informes anuales de sostenibilidad 100% de los sitios operativos de Teck, con métricas detalladas de desempeño ambiental compartidas en todo 6 plataformas internacionales.

Plataforma de informes	Alcance de las partes interesadas
Iniciativa de informes globales	1,200+ inversores institucionales
Base de datos de divulgación de sostenibilidad	890 analistas globales de sostenibilidad

Teck Resources Limited (Teck) - Modelo de negocio: canales

Equipos de ventas directos dirigidos a clientes industriales

Teck Resources mantiene 5 equipos dedicados de ventas industriales en América del Norte, centrándose en los mercados de carbón metalúrgico, cobre y zinc. En 2023, estos equipos administraron relaciones de ventas directas con 87 clientes industriales a nivel mundial.

Región de ventas	Número de clientes industriales directos	Volumen de ventas (toneladas métricas)
América del norte	42	8.3 millones
Asia-Pacífico	28	6.7 millones
Europa	17	3.2 millones

Plataformas digitales para el comercio de recursos

Teck Resources utiliza 3 plataformas de comercio digital patentadas, lo que permite transacciones de productos básicos en tiempo real con un valor de transacción anual de $ 12.4 mil millones en 2023.

• Plataforma digital tecktrade
• Portal de intercambio de productos básicos
• Sistema integrado de gestión de la cadena de suministro

Conferencias de la industria y exposiciones comerciales

En 2023, Teck Resources participó en 22 conferencias internacionales de minería y recursos, lo que representa el 94% de sus segmentos de mercado clave.

Tipo de conferencia	Número de conferencias	Asistentes totales comprometidos
Tecnología minera	8	3,200
Recursos sostenibles	7	2,750
Mercancía global	7	2,450

Plataformas de comunicación corporativa en línea

Teck Resources administra 4 canales principales de comunicación en línea con 1.2 millones de interacciones de participación digital total en 2023.

• Sitio web corporativo
• Portal de relaciones con los inversores
• Plataforma de informes de sostenibilidad
• Página corporativa de LinkedIn

Interacciones del mercado de intercambio de productos básicos

Teck Resources ejecutaron 416 transacciones de intercambio de productos básicos en 2023, con un valor de transacción total de $ 18.6 mil millones en los mercados globales.

Tipo de mercancía	Número de intercambios	Valor de transacción total
Carbón metalúrgico	187	$ 8.3 mil millones
Cobre	129	$ 6.2 mil millones
Zinc	100	$ 4.1 mil millones

Teck Resources Limited (Teck) - Modelo de negocio: segmentos de clientes

Empresas de fabricación de acero global

Teck Resources proporciona crítica de carbón metalúrgico para la producción de acero. En 2022, las ventas mundiales de carbón metalúrgico alcanzaron 25.3 millones de toneladas.

Tipo de cliente	Consumo anual	Cuota de mercado
Fabricantes de acero japoneses	5.7 millones de toneladas	22.5%
Productores de acero chino	8.2 millones de toneladas	32.4%
Empresas siderúrgicas de Corea del Sur	3.6 millones de toneladas	14.2%

Fabricantes de electrónica y tecnología

Teck suministra metales críticos para la fabricación de semiconductores y electrónica.

• Producción de cobre: ​​290,000 toneladas en 2022
• Producción de zinc: 475,000 toneladas en 2022

Desarrolladores de infraestructura de energía renovable

Teck proporciona metales esenciales para tecnologías de energía renovable.

Metal	Producción anual	Solicitud de energía renovable
Cobre	290,000 toneladas	Infraestructura del panel solar
Zinc	475,000 toneladas	Componentes de la turbina eólica

Industrias de construcción e infraestructura

Teck suministra materiales para sectores de construcción global.

• Producción agregada: 38.5 millones de toneladas en 2022
• Ingresos de materiales de construcción: CAD 1.2 mil millones en 2022

Productores de baterías de vehículos eléctricos

Teck proporciona metales críticos para la fabricación de baterías de vehículos eléctricos.

Metal	Producción anual	Aplicación de batería EV
Cobre	290,000 toneladas	Conductividad eléctrica
Zinc	475,000 toneladas	Fabricación de componentes de la batería

Teck Resources Limited (Teck) - Modelo de negocio: Estructura de costos

Alto gasto de capital por infraestructura minera

En 2023, Teck Resources reportó gastos de capital totales de $ 2.7 mil millones en sus operaciones mineras. El desglose de las inversiones de capital incluye:

Proyecto/activo	Inversión de capital ($ M)
Mina de cobre QB2 (Chile)	$ 1.4 mil millones
Mina de cobre de Highland Valley	$ 350 millones
Mina de carbón metalúrgico de ElkView	$ 280 millones
Otra infraestructura minera	$ 670 millones

Gastos operativos para la extracción y procesamiento

Los gastos operativos para 2023 totalizaron aproximadamente $ 4.8 mil millones en diferentes segmentos de productos básicos:

• Operaciones de cobre: ​​$ 1.6 mil millones
• Operaciones de carbón metalúrgico: $ 2.2 mil millones
• Operaciones de zinc: $ 650 millones
• Segmento de energía: $ 350 millones

Costos de cumplimiento ambiental y rehabilitación

Los costos ambientales y de recuperación para 2023 ascendieron a:

Categoría de costos	Cantidad ($ m)
Cumplimiento ambiental	$ 275 millones
Disposiciones de rehabilitación del sitio	$ 620 millones
Gestión ambiental continua	$ 180 millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 fueron de $ 85 millones, centrados en:

• Tecnologías mineras sostenibles
• Iniciativas de reducción de carbono
• Mejoras de procesos tecnológicos
• Proyectos de transformación digital

Gastos de mantenimiento de mano de obra y equipo

Costos de mano de obra y mantenimiento para 2023:

Categoría de gastos	Cantidad ($ m)
Costos de mano de obra totales	$ 1.2 mil millones
Mantenimiento del equipo	$ 520 millones
Capacitación de la fuerza laboral	$ 45 millones

Teck Resources Limited (TECK) - Modelo de negocio: flujos de ingresos

Ventas de concentrado de cobre

En 2022, Teck Resources informó una producción de cobre de 269,000 toneladas. Los ingresos totales del cobre fueron de aproximadamente $ 3.8 mil millones.

Sitio de producción de cobre	Producción anual (toneladas)	Contribución de ingresos
Quebrada Blanca	62,000	$ 876 millones
Valle de Highland	117,000	$ 1.65 mil millones
Carmen de Andacollo	45,000	$ 636 millones

Exportaciones de carbón metalúrgico

Las exportaciones metalúrgicas de carbón generaron $ 6.2 mil millones en 2022, con una producción de 24,4 millones de toneladas.

• Región de producción primaria de Elk Valley Complex
• Precio promedio del carbón: $ 270 por tonelada
• Mercados de exportación: Japón, China, India, Corea del Sur

Comercio de concentrados de zinc

Las ventas de concentrados de zinc alcanzaron los $ 1.1 mil millones en 2022, con una producción de 125,000 toneladas.

Mina de zinc	Producción anual	Ganancia
Mina de perro rojo	103,000 toneladas	$ 890 millones
Operaciones de senderos	22,000 toneladas	$ 210 millones

Contratos de productos básicos a largo plazo

Contratos a largo plazo valorados en aproximadamente $ 12.5 mil millones, con duraciones que van de 3 a 10 años.

• Acuerdos de suministro de cobre: ​​$ 4.3 mil millones
• Contratos de exportación de carbón: $ 6.2 mil millones
• Contratos de concentrado de zinc: $ 2 mil millones

Inversiones estratégicas de recursos minerales

Las inversiones de diversificación generaron $ 450 millones en flujos de ingresos adicionales.

Área de inversión	Valor de inversión	Contribución de ingresos
Metales de batería	$ 250 millones	$ 180 millones
Proyectos de energía renovable	$ 150 millones	$ 170 millones
Innovaciones tecnológicas	$ 50 millones	$ 100 millones

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.