Canadian mining giant Teck Resources announced on Thursday that U.S. President Donald Trump’s proposed tariffs on Canadian imports are unlikely to have a material impact on its operations. CEO Jonathan Price emphasized during a post-earnings call that the company’s primary markets for copper and zinc concentrates are in Asia and Europe, not the U.S., insulating it from potential tariff disruptions.
While Teck does sell some products in the U.S., including zinc, lead, and specialty metals like germanium and indium, these account for less than 15% of its total revenue. Price expressed confidence that trade flows would adjust if tariffs were imposed, minimizing any adverse effects.
The announcement came as Teck reported better-than-expected fourth-quarter earnings, driven by a 19% year-over-year increase in copper production to 122,100 tonnes. The Quebrada Blanca (QB) mine in Chile contributed 60,700 tonnes, bolstered by strong sales volumes and favorable copper prices.
Teck’s shares rose nearly 2% following the earnings release, reflecting investor optimism. The company has been investing in its QB debottlenecking project, which is expected to boost throughput by 10-15%. Looking ahead, Teck forecasts copper production to reach between 490,000 and 565,000 tonnes by 2025.
For the quarter ending December 31, Teck reported an adjusted profit of 0.45 per share, surpassing analysts’ average estimate of C$0.43 per share.