Teck Resources Limited (Teck): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'extraction des ressources, Teck Resources Limited apparaît comme une puissance de l'innovation minérale stratégique, naviguant dans le paysage complexe des marchés mondiaux des matières premières avec une expertise inégalée. En mélangeant de manière transparente des technologies de pointe, des pratiques durables et un portefeuille diversifié couvrant du cuivre, du zinc et du charbon métallurgique, Teck s'est positionné comme un acteur critique pour fournir des ressources essentielles aux industries stimulant les progrès technologiques modernes. Leur modèle commercial sophistiqué représente une maîtrise en gestion des ressources, équilibrant la responsabilité environnementale avec des performances économiques solides dans plusieurs secteurs industriels critiques.

Teck Resources Limited (Teck) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'équipements minières

Teck Resources a établi des partenariats avec les principaux fabricants d'équipements minières:

Partenaire	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Grands camions miniers et excavateurs	87,5 millions de dollars (contrat 2023)
Komatsu Ltd.	Camions de transport autonomes	62,3 millions de dollars (accord 2023-2025)

Coentreprises dans les projets miniers

Teck Resources participe à plusieurs projets d'extraction de coentreprise:

• Quebrada Blanca Copper Mine (Chili): 30% Propriété avec Sumitomo Metal Mining
• Projet de Sands Oil Sands de Fort Hills: 21,3% de propriété avec Suncor Energy et Total S.A.
• Antamina Copper-Zinc Mine (Pérou): 22,5% de propriété avec BHP, Mitsubishi Corporation et Anglo American

Partenariats avec des communautés autochtones au Canada

Teck a établi des accords de collaboration officiels avec:

Groupe autochtone	Région	Focus de partenariat
Nation ktunaxa	Colombie-Britannique	Participation économique et gestion de l'environnement
Première nation Mikisew Cree	Alberta	Développement des ressources et avantages communautaires

Collaboration technologique pour l'exploitation durable

Les partenariats technologiques clés comprennent:

• Microsoft Azure - Cloud Computing pour l'efficacité opérationnelle
• ABB Ltd. - Technologies d'automatisation et d'électrification
• Hatch Ltd. - Sustainable Mining Innovation Consulting

Partenariats mondiaux de la chaîne d'approvisionnement logistique

Partenariats sur la logistique et le transport:

Partenaire	Service	Volume annuel
Chemin de fer national canadien	Transport minéral en vrac	12,5 millions de tonnes métriques par an
Ligne Maersk	Expédition maritime mondiale	97,6 millions de dollars de contrats d'expédition (2023)

Teck Resources Limited (Teck) - Modèle d'entreprise: activités clés

Exploration et extraction des ressources minérales diversifiées

Teck Resources fonctionne dans plusieurs segments de ressources minérales avec des opérations actives dans:

• Production de cuivre: 326 000 tonnes en 2022
• Production en zinc: 485 000 tonnes en 2022
• Production métallurgique du charbon: 24,3 millions de tonnes en 2022

Ressource minérale	Volume de production annuel	Emplacement primaire
Cuivre	326 000 tonnes	Chili (Quebrada Blanca)
Zinc	485 000 tonnes	Canada (opérations des sentiers)
Charbon métallurgique	24,3 millions de tonnes	Canada (Colombie-Britannique)

Production de charbon cuivre, zinc et métallurgique

Revenus totaux de production de minéraux pour 2022: 15,9 milliards de dollars

• Revenu du segment de cuivre: 4,2 milliards de dollars
• Revenu du segment du zinc: 3,1 milliards de dollars
• Revenus de segment de charbon métallurgique: 6,8 milliards de dollars

Développement de technologies minières durables

Investissement dans des technologies durables: 87 millions de dollars en 2022

Focus technologique	Montant d'investissement
Technologies de réduction du carbone	42 millions de dollars
Systèmes de gestion de l'eau	25 millions de dollars
Intégration d'énergie renouvelable	20 millions de dollars

Efforts de réadaptation environnementale et de conservation

Dépenses de réadaptation environnementale: 62 millions de dollars en 2022

• Projets de récupération des terres: 1 200 hectares
• Installations de traitement de l'eau: 5 sites actifs
• Investissements de conservation de la biodiversité: 18 millions de dollars

Opérations de traitement et de raffinage minérales

Capacité de traitement totale: 85 millions de tonnes par an

Installation de traitement	Capacité	Emplacement
Quebrada Blanca Copper	115 000 tonnes / an	Chili
Raffinerie de zinc trail	290 000 tonnes / an	Canada
Traitement du charbon métallurgique	26 millions de tonnes / an	Canada

Teck Resources Limited (Teck) - Modèle d'entreprise: Ressources clés

Portfolio diversifié d'actifs minéraux à travers le Canada

Teck Resources exploite plusieurs actifs miniers importants, notamment:

• Mine de cuivre de Highland Valley en Colombie-Britannique: 120 000 tonnes de production de cuivre annuelle
• Quebrada Blanca Copper Mine au Chili: 316 000 tonnes Capacité annuelle en cuivre
• Elkview Metallurgical Coal Mine en Colombie-Britannique: 7,1 millions de tonnes Production de charbon annuelle

Emplacement de l'actif	Type minéral	Capacité de production annuelle
Colombie-Britannique, Canada	Cuivre / charbon	127 100 tonnes
Chili	Cuivre	316 000 tonnes

Infrastructure et équipement avancés

Investissement total en capital dans les infrastructures minières: 1,2 milliard de CAD en 2023

• Des camions de transport modernes évalués à 45 millions de CAD chacun
• Flotte de matériel de forage automatisé
• Installations avancées de traitement des minéraux

Expertise technique dans l'extraction des ressources

Composition technique de la main-d'œuvre:

Catégorie professionnelle	Nombre d'employés
Géologues	387
Ingénieurs minières	412
Spécialistes de l'environnement	256

Solides capacités financières d'investissement

Mesures financières pour 2023:

• Total des actifs: CAD 48,3 milliards
• Equivalents en espèces et en espèces: 3,2 milliards de CAD
• Dépenses en capital annuelles: 1,8 milliard de CAD

Main-d'œuvre qualifiée avec des connaissances minières spécialisées

Catégorie des employés	Total des employés
Total de main-d'œuvre	9,500
Personnel technique spécialisé	4,200
Gestion	680

Teck Resources Limited (Teck) - Modèle d'entreprise: propositions de valeur

Ressources minérales de haute qualité et d'origine responsable

Teck Resources produit les principaux produits suivants en 2024:

Marchandise	Volume de production annuel	Contribution des revenus
Cuivre	330 000 tonnes métriques	4,2 milliards de dollars
Charbon d'acier	27,5 millions de tonnes	5,7 milliards de dollars
Zinc	225 000 tonnes métriques	1,8 milliard de dollars

Engagement envers la durabilité environnementale

Mesures de durabilité pour les ressources Teck en 2024:

• Cible de réduction des émissions de carbone: 33% d'ici 2030
• Utilisation d'énergie renouvelable: 42% de la consommation totale d'énergie
• Taux de recyclage de l'eau: 76% entre les opérations
• Investissement environnemental total: 287 millions de dollars

Portefeuille de produits de base diversifié réduisant les risques de marché

Segment des matières premières	Pourcentage du total des revenus
Charbon d'acier	48%
Cuivre	35%
Zinc	15%
Énergie	2%

Innovation dans les technologies et pratiques minières

Investissement technologique et métriques d'innovation:

• Dépenses annuelles de R&D: 62 millions de dollars
• Investissement de transformation numérique: 45 millions de dollars
• Équipement minière autonome: 17 unités déployées

Suppression fiable de métaux critiques pour les industries mondiales

Metal	Part de marché mondial	Industries clés servies
Cuivre	2.3%	Électronique, construction, énergie renouvelable
Zinc	3.1%	Galvanisation, infrastructure, automobile
Charbon d'acier	5.7%	Production d'acier, fabrication

Teck Resources Limited (Teck) - Modèle d'entreprise: relations clients

Contrats à long terme avec les consommateurs de métaux industriels

Teck Resources maintient des contrats stratégiques à long terme avec les principaux consommateurs de métaux industriels, avec 85% des ventes de concentrés de cuivre liées par des accords pluriannuels. La durée du contrat moyen s'étend 5-7 ans.

Segment de clientèle	Durée du contrat	Volume annuel
Fonderie en cuivre	5-7 ans	680 000 tonnes métriques
Fabricants d'acier	3-5 ans	450 000 tonnes métriques

Ventes directes grâce à des équipes de vente minière spécialisées

Teck utilise 47 professionnels des ventes dédiés sur tous les marchés mondiaux, spécialisé dans les transactions minérales et métalliques complexes.

• Équipe de vente nord-américaine: 18 professionnels
• Spécialistes du marché asiatique: 15 professionnels
• Représentants des ventes européennes: 14 professionnels

Engagement client dans les pratiques minières durables

Teck investit 124 millions de dollars Annuellement dans des initiatives minières durables, engageant les clients grâce à des rapports environnementaux transparents.

Métrique de la durabilité	Performance de 2023
Réduction des émissions de carbone	Réduction de 22%
Taux de recyclage de l'eau	78%

Support technique et solutions de ressources personnalisées

Teck fournit Assistance technique 24/7 avec 98.6% Évaluation de satisfaction du client. Les équipes techniques dédiées servent 213 clients industriels à l'échelle mondiale.

Communication transparente sur les pratiques environnementales

Couvertures de rapports de durabilité annuelle 100% des sites opérationnels de Teck, avec des mesures de performance environnementales détaillées partagées à travers 6 plateformes internationales.

Plate-forme de rapport	Prise de partie
Initiative de reporting mondial	Plus de 1 200 investisseurs institutionnels
Base de données de divulgation de durabilité	890 analystes mondiaux de durabilité

Teck Resources Limited (Teck) - Modèle d'entreprise: canaux

Équipes de vente directes ciblant les clients industriels

Teck Resources maintient 5 équipes de vente industrielle dédiées à travers l'Amérique du Nord, en se concentrant sur les marchés métallurgiques du charbon, du cuivre et du zinc. En 2023, ces équipes ont géré des relations de vente directes avec 87 clients industriels dans le monde.

Région de vente	Nombre de clients industriels directs	Volume des ventes (tonnes métriques)
Amérique du Nord	42	8,3 millions
Asie-Pacifique	28	6,7 millions
Europe	17	3,2 millions

Plateformes numériques pour le trading des ressources

Teck Resources utilise 3 plateformes de trading numérique propriétaires, permettant des transactions de produits de base en temps réel avec une valeur de transaction annuelle de 12,4 milliards de dollars en 2023.

• Tecktrade Plateforme numérique
• Portail d'échange de produits
• Système de gestion de la chaîne d'approvisionnement intégrée

Conférences de l'industrie et expositions commerciales

En 2023, Teck Resources a participé à 22 conférences internationales d'exploitation minière et de ressources, représentant 94% de ses principaux segments de marché.

Type de conférence	Nombre de conférences	Total des participants engagés
Technologie d'exploitation	8	3,200
Ressources durables	7	2,750
Marchandise mondiale	7	2,450

Plateformes de communication d'entreprise en ligne

Teck Resources gère 4 canaux de communication en ligne principaux avec 1,2 million d'interactions totales d'engagement numérique en 2023.

• Site Web de l'entreprise
• Portail des relations avec les investisseurs
• Plateforme de rapports sur la durabilité
• Page d'entreprise LinkedIn

Interactions du marché des échanges de produits

Teck Resources a exécuté 416 transactions d'échange de matières premières en 2023, avec une valeur de transaction totale de 18,6 milliards de dollars sur les marchés mondiaux.

Type de marchandise	Nombre d'échanges	Valeur totale de transaction
Charbon métallurgique	187	8,3 milliards de dollars
Cuivre	129	6,2 milliards de dollars
Zinc	100	4,1 milliards de dollars

Teck Resources Limited (Teck) - Modèle d'entreprise: segments de clientèle

Sociétés de fabrication mondiale d'acier

Teck Resources fournit un charbon métallurgique critique pour la production d'acier. En 2022, les ventes de charbon métallurgiques mondiales ont atteint 25,3 millions de tonnes.

Type de client	Consommation annuelle	Part de marché
Fabricants d'acier japonais	5,7 millions de tonnes	22.5%
Producteurs de sites en acier chinois	8,2 millions de tonnes	32.4%
Sociétés d'acier sud-coréennes	3,6 millions de tonnes	14.2%

Fabricants d'électronique et de technologie

Teck fournit des métaux critiques pour la fabrication de semi-conducteurs et d'électronique.

• Production de cuivre: 290 000 tonnes en 2022
• Production en zinc: 475 000 tonnes en 2022

Développeurs d'infrastructures d'énergie renouvelable

Teck fournit des métaux essentiels aux technologies des énergies renouvelables.

Metal	Production annuelle	Application d'énergie renouvelable
Cuivre	290 000 tonnes	Infrastructure de panneau solaire
Zinc	475 000 tonnes	Composants d'éoliennes

Industries de la construction et des infrastructures

Teck fournit des matériaux pour les secteurs mondiaux de la construction.

• Production globale: 38,5 millions de tonnes en 2022
• Revenus de matériaux de construction: 1,2 milliard de CAD en 2022

Producteurs de batteries de véhicules électriques

Teck fournit des métaux critiques pour la fabrication de batteries de véhicules électriques.

Metal	Production annuelle	Application de la batterie EV
Cuivre	290 000 tonnes	Conductivité électrique
Zinc	475 000 tonnes	Fabrication de composants de la batterie

Teck Resources Limited (Teck) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés pour les infrastructures minières

En 2023, Teck Resources a déclaré des dépenses en capital totales de 2,7 milliards de dollars dans ses opérations minières. La rupture des investissements en capital comprend:

Projet / actif	Investissement en capital ($ m)
Mine de cuivre QB2 (Chili)	1,4 milliard de dollars
Mine de cuivre de Highland Valley	350 millions de dollars
Mine de charbon métallurgique Elkview	280 millions de dollars
Autres infrastructures minières	670 millions de dollars

Dépenses opérationnelles pour l'extraction et le traitement

Les dépenses opérationnelles pour 2023 ont totalisé environ 4,8 milliards de dollars dans différents segments de matières premières:

• Opérations en cuivre: 1,6 milliard de dollars
• Opérations de charbon métallurgiques: 2,2 milliards de dollars
• Opérations en zinc: 650 millions de dollars
• Segment d'énergie: 350 millions de dollars

Coûts de conformité environnementale et de réhabilitation

Les coûts environnementaux et de remise en état pour 2023 équivalaient à:

Catégorie de coûts	Montant ($ m)
Conformité environnementale	275 millions de dollars
Dispositions de réhabilitation du site	620 millions de dollars
Gestion environnementale continue	180 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2023 étaient de 85 millions de dollars, en se concentrant sur:

• Technologies minières durables
• Initiatives de réduction du carbone
• Améliorations de processus technologiques
• Projets de transformation numérique

Frais de maintenance de la main-d'œuvre et de l'équipement

Coûts de main-d'œuvre et d'entretien pour 2023:

Catégorie de dépenses	Montant ($ m)
Total des coûts de main-d'œuvre	1,2 milliard de dollars
Entretien de l'équipement	520 millions de dollars
Formation de la main-d'œuvre	45 millions de dollars

Teck Resources Limited (Teck) - Modèle d'entreprise: Strots de revenus

Ventes de concentré de cuivre

En 2022, Teck Resources a signalé une production de cuivre de 269 000 tonnes. Le chiffre d'affaires total du cuivre était d'environ 3,8 milliards de dollars.

Site de production de cuivre	Production annuelle (tonnes)	Contribution des revenus
Quebrada Blanca	62,000	876 millions de dollars
Highland Valley	117,000	1,65 milliard de dollars
Carmen de Andacollo	45,000	636 millions de dollars

Exportations de charbon métallurgique

Les exportations de charbon métallurgiques ont généré 6,2 milliards de dollars en 2022, avec une production de 24,4 millions de tonnes.

• Région de production primaire du complexe d'Elk Valley
• Prix ​​moyen du charbon: 270 $ par tonne
• Marchés d'exportation: Japon, Chine, Inde, Corée du Sud

Trading de concentré de zinc

Les ventes de concentrés de zinc ont atteint 1,1 milliard de dollars en 2022, avec une production de 125 000 tonnes.

Mine de zinc	Production annuelle	Revenu
Mine de chiens rouges	103 000 tonnes	890 millions de dollars
Opérations de sentier	22 000 tonnes	210 millions de dollars

Contrats de produits de base à long terme

Des contrats à long terme évalués à environ 12,5 milliards de dollars, avec des durées allant de 3 à 10 ans.

• Accords d'approvisionnement en cuivre: 4,3 milliards de dollars
• Contrats d'exportation de charbon: 6,2 milliards de dollars
• Contrats de concentré de zinc: 2 milliards de dollars

Investissements stratégiques des ressources minérales

Les investissements de diversification ont généré 450 millions de dollars de sources de revenus supplémentaires.

Zone d'investissement	Valeur d'investissement	Contribution des revenus
Métaux de la batterie	250 millions de dollars	180 millions de dollars
Projets d'énergie renouvelable	150 millions de dollars	170 millions de dollars
Innovations technologiques	50 millions de dollars	100 millions de dollars

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.