Teck Resources to face revenue dip amid pivot to copper-led strategy

Teck Resources (NYSE: TECK) is forecast to report a -24% drop in total revenue in 2025, as the Canadian miner transitions into a pure-play producer of energy transition metals following the sale of its steelmaking coal business last year.

The strategic shift places copper at the core of its portfolio, now accounting for two-thirds of total revenue. Copper sales are projected to rise +25% to C$6.9 billion in 2025, underpinned by stronger production volumes and higher realized prices. Analysts expect Teck to produce 509,000 tons of copper in 2025 — a +14% increase year-on-year — with average prices estimated at C$5.85 per pound, up from C$5.73 in 2024.

Zinc, which now accounts for approximately 33% of Teck’s total revenue, is expected to weigh on performance. Revenue from the segment is forecast to fall -4% amid a -19% decline in output at the Red Dog mine, accounting for more than half of Teck’s zinc production. The drop is attributed to lower ore grades and scheduled maintenance. While zinc production volume at an estimated 737,000 tons in 2025 is higher than copper, lower realized price of C$1.8 per pound translates to lower zinc revenues compared to copper.