Teck Resources: A Copper Giant In Transition, Still Priced As A Legacy Miner

2026-03-25 08:47:06 ET

Teck Resources ( TECK ) appears to be doing too many things at once. It is a legacy coal business with a history of large cash flow, but it is selling out of coal. It has a smallish zinc business that is still generating a bit of cash and considerable investor confusion at the same time. It has a “royalty” in Barrick’s Nevada gold mine project – the Fourmile – that is adding to the confusion because nobody is sure how to put a value on this opportunity. Most importantly, everybody agrees that copper is the next big growth story – there’s no doubt about it. It is also true that if the Anglo merger goes through, and Teck can execute, Teck will become one of the largest copper miners in the world, and its QB mine and now a number of Anglo mines will rake in billions. But there are two significant “ifs” here – the merger going through, which is the lesser “if,” and Teck executing it properly, which is the larger “if.”...

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