Teck Resources Limited (Teck): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da extração de recursos, a Teck Resources Limited emerge como uma potência da inovação mineral estratégica, navegando no cenário complexo dos mercados globais de commodities com experiência incomparável. Ao misturar perfeitamente a tecnologia de ponta, práticas sustentáveis ​​e um portfólio diversificado que abrange o carvão de cobre, zinco e metalúrgico, Teck se posicionou como um participante crítico no fornecimento de recursos essenciais para as indústrias que impulsionam o avanço tecnológico moderno. Seu sofisticado modelo de negócios representa uma masterclass em gerenciamento de recursos, equilibrando a responsabilidade ambiental com um desempenho econômico robusto em vários setores industriais críticos.

Teck Resources Limited (Teck) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com fabricantes de equipamentos de mineração

A Teck Resources estabeleceu parcerias com os principais fabricantes de equipamentos de mineração:

Parceiro	Tipo de equipamento	Valor do contrato
Caterpillar Inc.	Grandes caminhões de mineração e escavadeiras	US $ 87,5 milhões (contrato de 2023)
Komatsu Ltd.	Caminhões de transporte autônomo	US $ 62,3 milhões (contrato 2023-2025)

Joint ventures em projetos de mineração

A Teck Resources participa de vários projetos de mineração de joint venture:

• Mina de cobre de Quebrada Blanca (Chile): 30% de propriedade da Sumitomo Metal Mining
• Projeto de areias petrolíferas de Fort Hills: 21,3% de propriedade da Suncor Energy e Total S.A.
• Mina Antamina Copper-Zinc (Peru): 22,5% de propriedade com a BHP, a Mitsubishi Corporation e a Anglo American

Parcerias com comunidades indígenas no Canadá

Teck estabeleceu acordos formais de colaboração com:

Grupo indígena	Região	Foco em parceria
Nação ktunaxa	Colúmbia Britânica	Participação econômica e mordomia ambiental
Mikisew Cree First Nation	Alberta	Desenvolvimento de recursos e benefícios da comunidade

Colaboração de tecnologia para mineração sustentável

As principais parcerias tecnológicas incluem:

• Microsoft Azure - Computação em nuvem para eficiência operacional
• ABB LTD. - Tecnologias de automação e eletrificação
• Hatch Ltd. - Consultoria de Inovação de Mineração Sustentável

Parcerias da cadeia de suprimentos de logística global

Parcerias de logística e transporte:

Parceiro	Serviço	Volume anual
Ferrovia nacional canadense	Transporte mineral a granel	12,5 milhões de toneladas métricas anualmente
Linha Maersk	Envio marítimo global	US $ 97,6 milhões de contratos de remessa (2023)

Teck Resources Limited (Teck) - Modelo de negócios: Atividades -chave

Exploração e extração de recursos minerais diversificados

A Teck Resources opera em vários segmentos de recursos minerais com operações ativas em:

• Produção de cobre: ​​326.000 toneladas em 2022
• Produção de zinco: 485.000 toneladas em 2022
• Produção metalúrgica de carvão: 24,3 milhões de toneladas em 2022

Recurso mineral	Volume anual de produção	Localização primária
Cobre	326.000 toneladas	Chile (Quebrada Blanca)
Zinco	485.000 toneladas	Canadá (operações de trilha)
Carvão metalúrgico	24,3 milhões de toneladas	Canadá (Colúmbia Britânica)

Produção de carvão de cobre, zinco e metalúrgico

Receita total de produção mineral para 2022: US $ 15,9 bilhões

• Receita do segmento de cobre: ​​US $ 4,2 bilhões
• Receita do segmento de zinco: US $ 3,1 bilhões
• Receita do segmento de carvão metalúrgico: US $ 6,8 bilhões

Desenvolvimento de Tecnologia de Mineração Sustentável

Investimento em tecnologias sustentáveis: US $ 87 milhões em 2022

Foco em tecnologia	Valor do investimento
Tecnologias de redução de carbono	US $ 42 milhões
Sistemas de gerenciamento de água	US $ 25 milhões
Integração de energia renovável	US $ 20 milhões

Esforços de reabilitação e conservação ambientais

Despesas de reabilitação ambiental: US $ 62 milhões em 2022

• Projetos de recuperação de terras: 1.200 hectares
• Instalações de tratamento de água: 5 locais ativos
• Investimentos de conservação da biodiversidade: US $ 18 milhões

Operações de processamento e refino minerais

Capacidade total de processamento: 85 milhões de toneladas por ano

Instalação de processamento	Capacidade	Localização
Quebrada Blanca cobre	115.000 toneladas/ano	Chile
Refinaria de zinco da trilha	290.000 toneladas/ano	Canadá
Processamento de carvão metalúrgico	26 milhões de toneladas/ano	Canadá

Teck Resources Limited (Teck) - Modelo de negócios: Recursos -chave

Portfólio de ativos minerais diversificados em todo o Canadá

A Teck Resources opera vários ativos de mineração significativos, incluindo:

• Mina de cobre de Highland Valley na Colúmbia Britânica: 120.000 toneladas de produção anual de cobre
• Mina de cobre de Quebrada Blanca no Chile: 316.000 toneladas Capacidade anual de cobre
• Mina de carvão metalúrgica de Elkview na Colúmbia Britânica: 7,1 milhões de toneladas de produção anual de carvão

Localização do ativo	Tipo mineral	Capacidade de produção anual
Colúmbia Britânica, Canadá	Cobre/carvão	127.100 toneladas
Chile	Cobre	316.000 toneladas

Infraestrutura e equipamento avançados de mineração

Investimento total de capital em infraestrutura de mineração: CAD 1,2 bilhão em 2023

• Caminhões de transporte modernos avaliados em CAD 45 milhões cada
• Frota de equipamentos de perfuração automatizada
• Instalações avançadas de processamento mineral

Experiência técnica em extração de recursos

Composição técnica da força de trabalho:

Categoria profissional	Número de funcionários
Geólogos	387
Engenheiros de Mineração	412
Especialistas ambientais	256

Fortes capacidades financeiras para investimento

Métricas financeiras para 2023:

• Total de ativos: CAD 48,3 bilhões
• Caixa e equivalentes em dinheiro: CAD 3,2 bilhões
• Despesas de capital anual: CAD 1,8 bilhão

Força de trabalho qualificada com conhecimento especializado de mineração

Categoria de funcionários	Total de funcionários
Força de trabalho total	9,500
Equipe técnica especializada	4,200
Gerenciamento	680

Teck Resources Limited (Teck) - Modelo de Negócios: Proposições de Valor

Recursos minerais de alta qualidade e de origem com responsabilidade

A Teck Resources produz as seguintes mercadorias importantes em 2024:

Mercadoria	Volume anual de produção	Contribuição da receita
Cobre	330.000 toneladas métricas	US $ 4,2 bilhões
Carvão de fabricação de aço	27,5 milhões de toneladas	US $ 5,7 bilhões
Zinco	225.000 toneladas métricas	US $ 1,8 bilhão

Compromisso com a sustentabilidade ambiental

Métricas de sustentabilidade para a Teck Resources em 2024:

• Alvo de redução de emissões de carbono: 33% até 2030
• Uso de energia renovável: 42% do consumo total de energia
• Taxa de reciclagem de água: 76% nas operações
• Investimento ambiental total: US $ 287 milhões

Portfólio de commodities diversificadas, reduzindo os riscos de mercado

Segmento de commodities	Porcentagem da receita total
Carvão de fabricação de aço	48%
Cobre	35%
Zinco	15%
Energia	2%

Inovação em tecnologias e práticas de mineração

Métricas de investimento em tecnologia e inovação:

• Gastos anuais de P&D: US $ 62 milhões
• Investimento de transformação digital: US $ 45 milhões
• Equipamento de mineração autônomo: 17 unidades implantadas

Fornecimento confiável de metais críticos para indústrias globais

Metal	Participação de mercado global	Principais indústrias servidas
Cobre	2.3%	Eletrônicos, construção, energia renovável
Zinco	3.1%	Galvanização, infraestrutura, automotivo
Carvão de fabricação de aço	5.7%	Produção de aço, fabricação

Teck Resources Limited (Teck) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com consumidores de metais industriais

A Teck Resources mantém contratos estratégicos de longo prazo com os principais consumidores de metais industriais, com 85% das vendas de concentrado de cobre vinculadas a acordos de vários anos. A duração média do contrato 5-7 anos.

Segmento de clientes	Duração do contrato	Volume anual
Fundições de cobre	5-7 anos	680.000 toneladas métricas
Fabricantes de aço	3-5 anos	450.000 toneladas métricas

Vendas diretas através de equipes de vendas especializadas em mineração

Teck emprega 47 profissionais de vendas dedicados Nos mercados globais, especializados em transações minerais e metálicas complexas.

• Equipe de vendas norte -americanas: 18 profissionais
• Especialistas do mercado asiático: 15 profissionais
• Representantes de vendas europeias: 14 profissionais

Engajamento do cliente em práticas de mineração sustentável

Teck investe US $ 124 milhões Anualmente em iniciativas de mineração sustentável, envolvendo os clientes por meio de relatórios ambientais transparentes.

Métrica de sustentabilidade	2023 desempenho
Redução de emissão de carbono	Redução de 22%
Taxa de reciclagem de água	78%

Suporte técnico e soluções de recursos personalizadas

Teck fornece Suporte técnico 24/7 com 98.6% Classificação de satisfação do cliente. Equipes técnicas dedicadas servem 213 clientes industriais globalmente.

Comunicação transparente sobre práticas ambientais

Capas de relatórios de sustentabilidade anuais 100% dos sites operacionais de Teck, com métricas detalhadas de desempenho ambiental compartilhadas 6 plataformas internacionais.

Plataforma de relatório	Alcance das partes interessadas
Iniciativa de relatório global	1.200 mais de investidores institucionais
Banco de dados de divulgação de sustentabilidade	890 analistas globais de sustentabilidade

Teck Resources Limited (Teck) - Modelo de Negócios: Canais

Equipes de vendas diretas direcionando clientes industriais

A Teck Resources mantém 5 equipes de vendas industriais dedicadas na América do Norte, com foco nos mercados metalúrgicos de carvão, cobre e zinco. Em 2023, essas equipes administraram relacionamentos diretos de vendas com 87 clientes industriais em todo o mundo.

Região de vendas	Número de clientes industriais diretos	Volume de vendas (toneladas métricas)
América do Norte	42	8,3 milhões
Ásia-Pacífico	28	6,7 milhões
Europa	17	3,2 milhões

Plataformas digitais para negociação de recursos

A Teck Resources utiliza 3 plataformas de negociação digital proprietárias, permitindo transações de commodities em tempo real com um valor de transação anual de US $ 12,4 bilhões em 2023.

• Plataforma digital Tecktrade
• Portal de troca de commodities
• Sistema de gerenciamento da cadeia de suprimentos integrado

Conferências da indústria e exposições comerciais

Em 2023, a Teck Resources participou de 22 conferências internacionais de mineração e recursos, representando 94% de seus principais segmentos de mercado.

Tipo de conferência	Número de conferências	Total de participantes envolvidos
Tecnologia de mineração	8	3,200
Recursos sustentáveis	7	2,750
Mercadoria global	7	2,450

Plataformas de comunicação corporativa online

A Teck Resources gerencia 4 canais primários de comunicação on -line com 1,2 milhão de interações totais de engajamento digital em 2023.

• Site corporativo
• Portal de Relações com Investidores
• Plataforma de relatório de sustentabilidade
• Página corporativa do LinkedIn

Interações do mercado de troca de commodities

A Teck Resources executou 416 transações de troca de commodities em 2023, com um valor total de transação de US $ 18,6 bilhões nos mercados globais.

Tipo de commodities	Número de trocas	Valor total da transação
Carvão metalúrgico	187	US $ 8,3 bilhões
Cobre	129	US $ 6,2 bilhões
Zinco	100	US $ 4,1 bilhões

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

Empresas globais de manufatura de aço

A Teck Resources fornece carvão metalúrgico crítico para a produção de aço. Em 2022, as vendas globais de carvão metalúrgico atingiram 25,3 milhões de toneladas.

Tipo de cliente	Consumo anual	Quota de mercado
Fabricantes de aço japonês	5,7 milhões de toneladas	22.5%
Produtores de aço chinês	8,2 milhões de toneladas	32.4%
Empresas siderúrgicas sul -coreanas	3,6 milhões de toneladas	14.2%

Fabricantes de eletrônicos e tecnologia

A Teck fornece metais críticos para a fabricação de semicondutores e eletrônicos.

• Produção de cobre: ​​290.000 toneladas em 2022
• Produção de zinco: 475.000 toneladas em 2022

Desenvolvedores de infraestrutura de energia renovável

Teck fornece metais essenciais para tecnologias de energia renovável.

Metal	Produção anual	Aplicação de energia renovável
Cobre	290.000 toneladas	Infraestrutura do painel solar
Zinco	475.000 toneladas	Componentes da turbina eólica

Indústrias de construção e infraestrutura

A Teck fornece materiais para setores globais de construção.

• Produção agregada: 38,5 milhões de toneladas em 2022
• Receita dos Materiais de Construção: CAD 1,2 bilhão em 2022

Produtores de bateria de veículos elétricos

A Teck fornece metais críticos para a fabricação de bateria de veículos elétricos.

Metal	Produção anual	Aplicação da bateria EV
Cobre	290.000 toneladas	Condutividade elétrica
Zinco	475.000 toneladas	Fabricação de componentes da bateria

Teck Resources Limited (Teck) - Modelo de negócios: estrutura de custos

Altos gastos de capital para infraestrutura de mineração

Em 2023, a Teck Resources registrou despesas totais de capital de US $ 2,7 bilhões em suas operações de mineração. A quebra dos investimentos de capital inclui:

Projeto/ativo	Investimento de capital ($ M)
Mina de cobre QB2 (Chile)	US $ 1,4 bilhão
Highland Valley Copper Mine	US $ 350 milhões
Elkview Metalurgical Coal Mine	US $ 280 milhões
Outra infraestrutura de mineração	US $ 670 milhões

Despesas operacionais para extração e processamento

As despesas operacionais para 2023 totalizaram aproximadamente US $ 4,8 bilhões em diferentes segmentos de commodities:

• Operações de cobre: ​​US $ 1,6 bilhão
• Operações de carvão metalúrgico: US $ 2,2 bilhões
• Operações de zinco: US $ 650 milhões
• Segmento de energia: US $ 350 milhões

Custos de conformidade ambiental e reabilitação

Os custos ambientais e de recuperação de 2023 chegaram a:

Categoria de custo	Valor ($ m)
Conformidade ambiental	US $ 275 milhões
Disposições de reabilitação do local	US $ 620 milhões
Gerenciamento ambiental em andamento	US $ 180 milhões

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para 2023 foram de US $ 85 milhões, com foco em:

• Tecnologias de mineração sustentáveis
• Iniciativas de redução de carbono
• Melhorias tecnológicas do processo
• Projetos de transformação digital

Despesas de manutenção de mão -de -obra e equipamentos

Custos de mão -de -obra e manutenção para 2023:

Categoria de despesa	Valor ($ m)
Custos de mão -de -obra totais	US $ 1,2 bilhão
Manutenção do equipamento	US $ 520 milhões
Treinamento da força de trabalho	US $ 45 milhões

Teck Resources Limited (Teck) - Modelo de negócios: fluxos de receita

Vendas de concentrado de cobre

Em 2022, a Teck Resources relatou a produção de cobre de 269.000 toneladas. A receita total de cobre foi de aproximadamente US $ 3,8 bilhões.

Site de produção de cobre	Produção anual (toneladas)	Contribuição da receita
Quebrada Blanca	62,000	US $ 876 milhões
Highland Valley	117,000	US $ 1,65 bilhão
Carmen de Andacollo	45,000	US $ 636 milhões

Exportações de carvão metalúrgico

As exportações de carvão metalúrgico geraram US $ 6,2 bilhões em 2022, com a produção de 24,4 milhões de toneladas.

• Região de produção primária do Complexo Elk Valley
• Preço médio de carvão: US $ 270 por tonelada
• Mercados de exportação: Japão, China, Índia, Coréia do Sul

Negociação de concentrado de zinco

As vendas de concentrado de zinco atingiram US $ 1,1 bilhão em 2022, com a produção de 125.000 toneladas.

Mina de zinco	Produção anual	Receita
Red Dog Mine	103.000 toneladas	US $ 890 milhões
Operações de trilha	22.000 toneladas	US $ 210 milhões

Contratos de mercadorias de longo prazo

Contratos de longo prazo avaliados em aproximadamente US $ 12,5 bilhões, com durações variando de 3 a 10 anos.

• Acordos de fornecimento de cobre: ​​US $ 4,3 bilhões
• Contratos de exportação de carvão: US $ 6,2 bilhões
• Contratos de concentrado de zinco: US $ 2 bilhões

Investimentos estratégicos de recursos minerais

Os investimentos em diversificação geraram US $ 450 milhões em fluxos de receita adicionais.

Área de investimento	Valor de investimento	Contribuição da receita
Metais da bateria	US $ 250 milhões	US $ 180 milhões
Projetos de energia renovável	US $ 150 milhões	US $ 170 milhões
Inovações tecnológicas	US $ 50 milhões	US $ 100 milhões

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.