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- **$1.4B EBITDA uplift & $800M synergies**: Merger with Anglo American creates top 5 copper producer with 1.2M tonnes/year capacity.
- **QB operational turnaround**: 2027 unconstrained production target; Q3 zinc sales beat guidance by 28%.
- **Strong balance sheet**: $9.5B liquidity, $5.3B cash;暂停回购但维持$0.50季度股息.
- **Regulatory path clear**: shareholder votes Dec 9, 12-18 month closing timeline.

**【CEO Summary Section】**
- Announced merger of equals with Anglo American, creating a top 5 global copper producer with 1.2 million tonnes annual production.
- Expected $1.4 billion annual EBITDA uplift from QB-Collahuasi adjacencies and $800 million recurring synergies.
- QB operational plan updated with near-term focus on resolving TMF sand drainage constraints, aiming for unconstrained production from 2027.
- Q3 2025 adjusted EBITDA of $1.2 billion, driven by strong zinc performance and lower smelter charges.
- Balance sheet remains strong with $9.5 billion liquidity and $5.3 billion cash.

**【CFO Financial Commentary】**
- Q3 2025 adjusted EBITDA up 19% YoY to $1.2 billion, driven by higher metal prices, lower smelter charges, and strong zinc performance.
- Copper segment gross profit up 23% YoY to $740 million; zinc segment up 27% to $454 million.
- Red Dog zinc sales exceeded guidance at 273,000 tonnes, with $350 million receivables collected post-Q3.
- 2025 guidance: copper production 415-465k tonnes, zinc 525-575k tonnes; copper unit costs $2.05-$2.30/lb, zinc $0.45-$0.55/lb.
- Share buybacks paused ahead of merger, but $0.50 quarterly dividend continues.

**【Q&A Highlights】**
- Merger approvals: expect shareholder votes on Dec 9, regulatory filings completed, 12-18 month closing timeline.
- QB-Collahuasi JV: no forced participation; Anglo Teck (60% QB, 44% Collahuasi) incentivized to collaborate on ore processing synergies.
- QB unit costs: pre-inflation guidance of $140-$160/lb; 2027+ unconstrained production target.
- Q4 guidance: trending toward mid-unit cost range; no material deviations expected.
- TMF progress: new cyclone tech and panic designs showing early sand drainage improvements; aiming for 2026 mechanical-to-hydraulic tailings transition.

Teck Resources Limited (TECK)-22 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TECK

TECK fundamentals

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