Teck Q3 Profit C$281M; Anglo Merger Proposed

Teck Resources reported a Q3 net profit from continuing operations of C$281 million (C$0.57/share) and adjusted EPS of C$0.76 on revenue of about C$3.38–3.39 billion, topping estimates. Adjusted EBITDA rose to roughly C$1.17–1.2 billion, supported by strong zinc sales, favorable unit costs and pricing, and the company reported total liquidity of about C$9.5 billion, including C$5.3 billion of cash. Management updated medium‑term guidance to reflect more conservative throughput and recoveries at the Quebrada Blanca mine as tailings‑management facility work constrains production through 2026, and has adopted a risk‑adjusted operational plan. Teck announced a proposed merger with Anglo American to form “Anglo Teck,” which management says should deliver about US$800 million of recurring annual synergies and an estimated US$1.4 billion average annual EBITDA uplift; the deal remains subject to review under the Investment Canada Act. Analysts are largely constructive and the stock recently traded around C$59–60 despite near‑term operational constraints and valuation questions.