As of February 19, 2026, Teck Resources Limited (NYSE: TECK; TSX: TECK.B) stands as a case study in corporate reinvention. Once a diversified mining conglomerate heavily reliant on the volatile swings of the steelmaking coal market, Teck has successfully transitioned into a streamlined, high-growth "green metals" powerhouse. The company’s strategic pivot, accelerated by the 2024 divestment of its coal business and the massive ramp-up of its flagship Quebrada Blanca 2 (QB2) copper project in Chile, has fundamentally altered its investment thesis.

Today, Teck is no longer viewed through the lens of traditional carbon-intensive industry; instead, it is at the center of the global energy transition. With copper prices sustaining high levels due to demand from electric vehicle (EV) infrastructure and artificial intelligence (AI) data centers, Teck’s timing has proven impeccable. Currently embroiled in the final regulatory approvals of a landmark "merger of equals" with Anglo American, Teck is poised to become a cornerstone of a new global mining titan, Anglo Teck, marking its most significant evolution in over a century.

Historical Background

Teck’s history is inextricably linked to the development of Canada’s industrial landscape. Founded in 1906 as the Consolidated Mining and Smelting Company of Canada (later known as Cominco), the firm began its journey by operating the Sullivan Mine in British Columbia, which eventually became one of the world's largest lead and zinc producers.

The modern iteration of the company began to take shape in the 1960s under the leadership of the Keevil family, who merged Teck-Hughes Gold Mines with Cominco to create a diversified mining giant. For decades, Teck’s identity was defined by its "four pillars": copper, zinc, energy (oil sands), and steelmaking coal.

However, the 2020s brought a series of radical transformations. Recognizing the shifting global sentiment toward ESG (Environmental, Social, and Governance) standards and the accelerating demand for electrification, Teck exited the oil sands business in 2022 by selling its stake in the Fort Hills project. This was followed by the transformative 2024 sale of its Elk Valley Resources (EVR) coal unit to a consortium led by Glencore for US$7.3 billion. This sale provided the "dry powder" necessary to pay down debt and focus exclusively on the metals required for the 21st-century economy.

Business Model

Teck’s business model as of early 2026 is laser-focused on the extraction and processing of base metals. The company’s revenue streams are now dominated by two primary segments:

1. Copper: Representing the lion's share of Teck’s valuation, this segment includes the newly operational QB2 in Chile, Carmen de Andacollo (Chile), Highland Valley Copper (Canada), and Antamina (Peru).
2. Zinc: Teck remains one of the world’s largest producers of mined zinc, anchored by the Red Dog mine in Alaska—widely considered one of the highest-grade zinc mines globally—and the Trail Operations refinery in British Columbia.

By divesting its coal assets, Teck has shifted from a "cash cow" model (extracting dividends from mature coal assets) to a "growth" model. Its revenue is now highly correlated with the price of copper, positioning the company as a primary vehicle for institutional investors looking to bet on the global electrification trend.

Stock Performance Overview

Teck’s stock performance has undergone a dramatic re-rating over the past decade.

• 1-Year Performance: Over the last 12 months, TECK shares have climbed approximately 25%, significantly outperforming the broader S&P/TSX Capped Materials Index. This was driven by the successful integration of QB2’s full capacity and the 2025 copper price surge.
• 5-Year Performance: Looking back to early 2021, when shares traded near the $20 mark, investors have seen a roughly 200% return. This period covers the realization of the copper-pivot strategy and the defense against Glencore’s hostile takeover attempts in 2023.
• 10-Year Performance: The long-term view is even more striking. In early 2016, amid a commodity price collapse, Teck was fighting for survival with shares dipping below $5. At today’s prices near $60, long-term holders have witnessed a 12x return, a testament to the company’s cyclical resilience and successful strategic shifts.

Financial Performance

Teck’s financial profile has never been stronger. As of the latest reporting cycle (Q4 2025), the company has moved into a rare net cash position, having utilized coal-sale proceeds to eliminate billions in long-term debt.

• Revenue & EBITDA: Full-year 2025 revenue reached record levels as copper production hit 453,500 tonnes. Q4 2025 Adjusted EBITDA was reported at C$1.5 billion, a 19% year-over-year increase.
• Margins: Operational margins in the copper segment have expanded as QB2 moved toward design capacity, lowering the unit cost of production.
• Capital Allocation: In 2025, Teck returned over C$1.5 billion to shareholders via buybacks and dividends, while maintaining a liquidity cushion of C$9.3 billion. The debt-to-equity ratio currently sits at a conservative 0.39.

Leadership and Management

The architect of Teck’s modern era is CEO Jonathan Price, who took the helm in late 2022. Price has been lauded by the market for his disciplined approach to capital allocation and his ability to navigate high-stakes negotiations.

Under Price’s leadership, the management team successfully:

• Rejected a low-ball hostile bid from Glencore in 2023.
• Secured a premium valuation for the coal business.
• Oversaw the complex technical ramp-up of QB2.
• Negotiated the impending merger with Anglo American.

The board of directors, which recently saw a reduction in the voting influence of the Keevil family through the sunsetting of the dual-class share structure, is now viewed as significantly more "investor-friendly" and transparent.

Products, Services, and Innovations

Teck’s competitive edge lies in its "Tier 1" assets and its focus on sustainable mining technology.

• QB2 and Beyond: QB2 utilizes the first large-scale desalinated water plant in the Tarapacá Region of Chile, ensuring operations are not competing with local communities for scarce freshwater.
• RACE21: This internal innovation program leverages data analytics, AI, and automation to improve processing plant yields and haul-truck efficiency.
• Green Zinc & Copper: Teck is marketing "low-carbon" metals, leveraging the fact that its Chilean operations achieved 100% renewable power in late 2025. This allows the company to command a premium from automotive OEMs (Original Equipment Manufacturers) looking to green their supply chains.

Competitive Landscape

Teck now competes in the "heavyweight" division of global mining, standing alongside Freeport-McMoRan (NYSE: FCX), Rio Tinto (NYSE: RIO), and BHP (NYSE: BHP).

• Strengths: Unlike some peers, Teck’s assets are primarily located in stable jurisdictions (Canada, USA, Chile). It possesses a superior copper growth pipeline compared to Rio Tinto or BHP, which are currently struggling to replace depleting reserves.
• Weaknesses: Until the Anglo merger is finalized, Teck remains a mid-sized player compared to the "Super-Majors," giving it less bargaining power in global logistics and a higher sensitivity to individual asset performance (specifically QB2).

Industry and Market Trends

The "Copper Deficit" is the defining macro trend for 2026. Analysts project a structural shortfall of 5 million tonnes of copper by 2030.

• Electrification: Demand from EV charging networks and battery components remains robust.
• AI Infrastructure: A new and unexpected driver is the massive expansion of data centers, which require significantly more copper for power distribution than traditional real estate.
• Supply Constraints: Political instability in other major copper-producing regions like Panama and Peru has constrained global supply, making Teck’s stable Canadian and Chilean assets highly valuable.

Risks and Challenges

Despite its strong position, Teck faces several headwinds:

• Operational Execution: QB2 has faced geotechnical challenges and drainage issues in its tailings facilities. Any further delays in reaching steady-state production could dampen investor enthusiasm.
• Merger Integration: The proposed merger with Anglo American is complex. "Merger fatigue" or regulatory pushback in jurisdictions like South Africa could impact Teck's valuation during the transition.
• Commodity Volatility: While the long-term outlook for copper is bullish, a global recession could temporarily suppress prices, impacting Teck’s cash flow.

Opportunities and Catalysts

The primary near-term catalyst is the closing of the Anglo American merger, expected by mid-2026. This would create a combined entity with unparalleled scale in copper and platinum group metals.

Beyond the merger, Teck’s "Project Satellite" pipeline offers significant organic growth. This includes the Zafranal Project in Peru and the San Nicolás project in Mexico. Final Investment Decisions (FID) on these projects are expected in late 2026, which could provide the next leg of growth for the company's production profile.

Investor Sentiment and Analyst Coverage

Wall Street and Bay Street remain generally bullish on Teck, though current sentiment is a "Buy/Hold" mix due to the stock trading near its all-time highs.

• Institutional Holdings: Major asset managers, including BlackRock and Vanguard, have increased their stakes following the coal divestment, attracted by Teck's improved ESG profile.
• Analyst Views: Firms like Goldman Sachs and BMO Capital Markets have maintained high target prices (averaging C$62), citing the company's best-in-class copper growth. However, some boutique firms have moved to "Neutral," suggesting the "easy money" has been made post-coal sale.

Regulatory, Policy, and Geopolitical Factors

Teck operates in a highly regulated environment. The Canadian government’s Critical Minerals Strategy provides a favorable tailwind, offering tax credits for domestic exploration and processing.

Geopolitically, Teck’s heavy presence in Chile requires careful navigation of the country’s evolving tax and royalty frameworks. However, by achieving carbon neutrality in its Chilean operations, Teck has mitigated much of the local political risk associated with environmental impact.

Conclusion

Teck Resources has successfully executed one of the most complex corporate turnarounds in recent history. By February 2026, the company has shed its legacy coal burden and emerged as a pure-play champion of the energy transition.

For investors, Teck offers a unique combination: a bulletproof balance sheet, a massive growth profile in the world's most critical metal (copper), and the potential upside of a transformative merger. While operational risks in Chile and the inherent volatility of commodity markets remain, Teck’s strategic clarity under Jonathan Price has made it an indispensable holding for those seeking exposure to the "Green Industrial Revolution." The upcoming months will be critical as the company integrates with Anglo American, but the foundation laid over the past two years suggests that Teck is well-prepared for its next chapter as a global mining titan.

This content is intended for informational purposes only and is not financial advice.