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Teck Resources: A World-Class Copper Portfolio Is Taking Shape—How Massive Could 1.2M Tonnes Be?

Teck Resources Limited’s third quarter 2025 earnings revealed several notable developments and results, underlining both strategic and operational shifts. A major highlight was the announcement of a “merger of equals” agreement with Anglo American, aimed at creating a global leader in critical minerals and a top five copper producer, branded as Anglo Teck. This merger is poised to generate significant value for shareholders, thanks to potential operational synergies and a combined portfolio emphasizing more than 70% copper exposure. The merger is expected to unlock value through operational synergies and infrastructure integration at their Quebrada Blanca (QB) and Collahuasi sites, with projections of adding 175,000 tonnes in copper production and an estimated annual EBITDA increase of USD 1.4 billion. The announcement noted that over USD 800 million in yearly recurring synergies have been identified, with an expected realization of approximately 80% by the second year post-merger completion.