Teck B Stock: Anglo Merger Status, Mines and Share Facts

Teck B stock means the Class B subordinate voting shares of Teck Resources Limited, which trade on the Toronto Stock Exchange as TECK.B and on the New York Stock Exchange as TECK. Teck is a Vancouver-based copper and zinc miner. It sold its steelmaking coal business in 2024, and in September 2025 it agreed to merge with Anglo American. Under the deal, each Teck share would be exchanged for 1.3301 Anglo American ordinary shares (Teck Annual Information Form). On 2 October 2026 Reuters reported that every regulator had cleared the deal except China’s, and both companies still expected to close by March 2027. This page sets out facts only, from Teck’s own filings and government data, with dates on every figure.

What the Teck B ticker means: Class B shares versus Class A

Teck has two classes of listed shares. A dual-class structure means one class carries far more votes per share than the other. Class A common shares carry 100 votes each. Class B subordinate voting shares carry one vote each. Teck declared the same C$0.125 dividend on each class in the fourth quarter of 2025, and each Class A share can be converted into one Class B share at the holder’s option (Teck Annual Information Form, 2025).

Share counts come from Teck’s fourth-quarter 2025 report. On those counts, Class A holds about 61% of all votes (calculated: 7.6 million x 100 votes against 481.5 million x 1 vote), although it is under 2% of the shares. Teck’s filings say this dual-class structure ends on 12 May 2029, when Class A shares convert to Class B and Class B is renamed “common shares”. The Anglo American merger, if it completes, would replace both classes before then (Teck Annual Information Form).

Anglo American and Teck merger: status and timeline

The merger is described by both companies as a “merger of equals” that would form Anglo Teck, headquartered in Vancouver. Teck expects about US$800 million of annual pre-tax synergies, with roughly 80% reached on a run-rate basis by the end of the second year after completion (Teck, 22 July 2026). The steps so far, in date order:

1. 9 September 2025: Teck and Anglo American announce the agreement.
2. 9 December 2025: shareholders of both companies approve the merger (Anglo American release).
3. 12 December 2025: the Supreme Court of British Columbia grants the final order approving the plan of arrangement (Teck release).
4. 15 December 2025: Teck reports receiving approval from the Government of Canada under the Investment Canada Act (Teck, Q4 2025 report). The binding commitments include spending at least C$4.5 billion in Canada within five years and at least C$10 billion over 15 years (Anglo American release). Competition approvals in Canada and Australia had already been received.
5. 22 July 2026: in its second-quarter results, Teck says the merger remains subject to customary closing conditions, including regulatory approvals, and remains subject to those conditions. The 12 to 18 month closing window from 9 September 2025 comes from Teck’s Annual Information Form.
6. 2 October 2026: Reuters reports that China’s State Administration for Market Regulation (SAMR) has asked for assurances on copper concentrate supply, including volumes sold through traders. It describes the Chinese approval as the only one outstanding. Anglo American says it is making good progress; Teck declined to comment. The remedies sought did not include asset sales at that stage (Reuters via Kitco).

The October report rests on three unnamed people, and SAMR did not comment, so treat the details as reported rather than confirmed. Reuters adds that the combined company would control about 5% of global copper supply, below the 10% to 15% level it cites as a competition threshold. Both companies expect completion by March 2027.

If the merger completes, Anglo Teck would have its headquarters in Vancouver and its primary listing on the London Stock Exchange, with further listings on the Johannesburg, Toronto and New York exchanges (Anglo American, 16 December 2025). Teck’s merger page carries the share settlement FAQ and the letter of transmittal for shareholders. Until closing, the arrangement agreement limits Teck’s dividends to C$0.125 per share per quarter unless Anglo American approves more, and its fourth-quarter 2025 report says it had not bought back shares since 25 July 2025.

What Teck B holders would receive under the exchange ratio

The exchange ratio is fixed at 1.3301 Anglo American ordinary shares for each Teck Class A or Class B share. Eligible Canadian shareholders who elect to can receive 1.3301 exchangeable shares instead (Teck Annual Information Form). Because the ratio is fixed, the value of what a holder receives moves with Anglo American’s share price, not with a set cash amount. The calculator below does the arithmetic only. Fractions, taxes and settlement are covered in Teck’s share settlement FAQ.

What Teck owns and produces after the coal sale

Much of what was written about Teck before 2024 is out of date. Teck completed the sale of its steelmaking coal business in 2024: a minority stake went to Nippon Steel and POSCO in January 2024, and the remaining 77% went to Glencore in July 2024 (Teck Annual Information Form). Teck’s principal products today are copper and zinc, with molybdenum, lead, silver, gold and specialty metals such as germanium as by-products. Cobalt is not listed among its principal products. Copper and zinc together made up 78% of 2025 revenue of C$10.756 billion.

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Teck revenue by product, 2025

C$ billion; total revenue C$10.756 billion

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Teck copper output by mine, 2025

Thousand tonnes of copper in concentrate, on Teck’s reporting basis (100% of QB and Carmen de Andacollo, 22.5% of Antamina)

A kt is a thousand tonnes. Teck reports 100% of production from Quebrada Blanca and Carmen de Andacollo because it consolidates them, but only 22.5% of Antamina, its ownership share (Teck, Q4 2025 report). The ownership percentages and the Red Dog lease come from the Annual Information Form. Carmen de Andacollo is a copper-gold mine; our explainer on gold found in copper ores covers how that by-product works. For the geology behind these mines, see our guide to copper deposits, top countries and where to explore.

Two points matter for how a shareholder reads the table. First, Quebrada Blanca is the largest single source of copper, yet Teck owns 60% of it. Second, Red Dog pays a royalty to NANA of 40% of net proceeds of production, which was US$372 million in 2025, and Teck expects the rate to step up to 45% in October 2027.

Teck earnings: second quarter and full-year results

Teck reports in Canadian dollars. Adjusted EBITDA is earnings before interest, tax, depreciation and amortization with one-off items removed. Net cash unit cost is the cost of producing a pound of copper after crediting by-products such as molybdenum and gold. Both are non-GAAP measures, meaning they are not defined by IFRS accounting rules and may not match other companies’ versions.

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Teck results, second quarter 2025 against 2026

C$ million, three months ended 30 June

For the quarter ended 30 June 2026 (reported 22 July 2026), Teck reported revenue of C$3,605 million against C$2,023 million a year earlier, and adjusted EBITDA of C$2,193 million against C$722 million. Copper production was 135,900 tonnes, 25% above the same quarter of 2025. Teck says copper averaged a record US$6.05 per pound in the quarter, and its copper net cash unit cost fell to US$1.64 per pound from US$2.02. At 30 June 2026 it held C$6.1 billion of cash and C$10.3 billion of liquidity, and its net cash position was C$1.24 billion after subtracting debt and lease liabilities (Teck, Q2 2026 results).

For the full year 2025, revenue was C$10,756 million (C$9,065 million in 2024) and gross profit was C$2,657 million (C$1,607 million). Copper segment margins before depreciation were 48% and zinc margins 28%. LME copper averaged US$4.51 per pound in 2025 and zinc US$1.30. Adjusted earnings were C$3.10 per share (Teck 2025 Annual Report, filed with the SEC). Because copper is priced in US dollars and Teck reports in Canadian dollars, the exchange rate (C$1.40 per US$1 on average in 2025) moves reported results as well as the metal price.

Production guidance by mine and by year

Teck’s guidance gives a range for each mine. On 22 July 2026 it left its 2026 guidance unchanged: 455,000 to 530,000 tonnes of copper, 410,000 to 460,000 tonnes of zinc in concentrate and 190,000 to 230,000 tonnes of refined zinc, with copper net cash unit costs of US$1.85 to US$2.20 per pound. The company also publishes guidance to 2028. The chart plots the midpoint of each range against 2025 actual output. Copper is guided to peak in 2027, while zinc in concentrate falls each year as Antamina’s zinc and Red Dog’s output are guided lower.

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Teck production: 2025 actual and guidance midpoints

Thousand tonnes; midpoint of the guidance range for 2026 to 2028, calculated by Farmonaut

Two projects explain much of the copper path. At Quebrada Blanca, output in 2025 was held back by the pace of tailings dam development. In the second quarter of 2026 QB produced 55,800 tonnes of copper at 83.3% recovery, its third straight stable quarter, and 2026 guidance for the mine is 200,000 to 235,000 tonnes. At Highland Valley Copper, the board approved a mine life extension in July 2025 that lengthens the mine’s life from 2028 to 2046, at an average of 132,000 tonnes of copper a year (Teck 2025 Annual Report). Guidance is a company forecast, not a result, and Teck can revise it.

Dividends, buybacks and the balance sheet

Teck declared C$0.50 per share in dividends in 2025 (C$0.125 each quarter) and C$1.00 in 2024, and paid C$246 million in dividends in 2025. In 2025 it also bought back C$1.0 billion of Class B shares. As at 31 December 2025 it had completed C$2.25 billion of a C$3.25 billion authorised buyback program, and it stopped buying in July 2025 because the merger agreement restricts issuing or repurchasing securities (Teck, Q4 2025 report). At 31 December 2025 Teck held C$5.0 billion of cash and C$9.1 billion of liquidity. Past payments do not set future ones, and Teck’s dividend policy is for its board, and after closing for Anglo Teck’s board, to decide.

Environment, tailings and safety: what the filings report

Tailings are the finely ground rock left after ore is processed. They are stored behind dams, so the safe design and raising of a tailings dam is a main environmental and operating risk for a copper mine. Teck’s Quebrada Blanca tailings management facility is the clearest example: its development pace limited the concentrator in 2025, and Teck’s July 2026 results describe further work, including a secondary cyclone station due in the fourth quarter of 2026. If Teck brought forward a further rock bench in 2026, it would need about US$100 million of extra capital spending.

On other measures, Teck’s 2025 annual report records a high-potential incident frequency rate of 0.06, equal to its best annual result. It reports that its Chilean operations ran on 100% renewable power by the end of 2025, and that all its operations are verified under the Copper Mark and Zinc Mark programs. Its US$3.0 billion revolving credit facility has pricing tied to greenhouse gas intensity, the share of women in its workforce and safety (Teck 2025 Annual Report). These are company-reported figures. They describe what Teck says it did, not an outside audit of every site.

▶ The seven environmental impacts of mining, explained in clay with satellite maps · 2:31

Risks Teck lists in its own filings

Teck’s filings are plain about what could go wrong. The items below are drawn from its Q4 2025 report and Annual Information Form:

• Copper and zinc prices. Revenue depends on London Metal Exchange prices. Teck’s own gross profit rose from C$471 million to C$1,670 million between the second quarters of 2025 and 2026, mostly on price and volume, and it can fall the same way.
• Quebrada Blanca execution. Tailings dam development has already constrained output once.
• Trade measures. Teck says it repositioned zinc and lead concentrate from Red Dog that was affected by Chinese reciprocal tariffs, and that its refined zinc and lead sold into the United States from Trail comply with the Canada-United States-Mexico Agreement.
• Seasonality. Red Dog can ship only for about 100 days a year, between early July and the end of October, so its sales are lumpy by quarter.
• Merger completion. The filings warn that the merger may not close on the expected timing or at all if approvals or conditions are not met.
• Dual-class shares. Teck lists its structure as a risk that may limit index inclusion and access to capital.

Where Teck sits in world copper and zinc supply

The US Geological Survey puts world copper mine output at about 23 million tonnes in 2025 (estimate) and zinc at about 13 million tonnes. Teck’s reported 2025 copper volume of 453.5 kt is roughly 2% of the copper total, and its zinc in concentrate of 565 kt is roughly 4% of the zinc total (calculated by Farmonaut; Teck’s figures use a mixed basis of 100% for two mines and 22.5% for Antamina, so this is a size comparison, not an equity share). Chile mined 5.3 million tonnes of copper in 2025 on the USGS estimate, and Canada 500,000 tonnes (USGS Mineral Commodity Summaries 2026, copper; zinc).

Natural Resources Canada reports that Canadian mines produced 514,582 tonnes of copper in concentrate in 2024, with British Columbia at about 48%, and names Highland Valley, near Logan Lake, as the country’s largest copper mine (Natural Resources Canada, Copper facts). For the listing side of Canadian mining, see our comparison of Vancouver and Toronto mining companies, and for the exploration spending that feeds future supply, Canadian mineral exploration spending.

How to check Teck B facts yourself: six steps

1. Confirm the share class and ticker. TECK.B on the TSX and TECK on the NYSE are Class B; TECK.A is Class A. Prices differ between classes.
2. Start with the news release. Teck posts each quarter’s results on teck.com, with a summary table and the guidance table in the same document.
3. Read the production basis note. Check whether a figure is 100% of a mine or Teck’s share, as in the Antamina example above.
4. Find the definition of each non-GAAP measure. Net cash unit cost and adjusted EBITDA are defined near the end of every release.
5. Use the Annual Information Form for ownership and reserves. It lists each partner’s interest and the qualified persons who sign off mineral reserve and resource estimates under National Instrument 43-101, the Canadian rule for public mineral disclosure.
6. Read the merger documents. The management information circular dated 3 November 2025 sets out the exchange ratio and conditions. It is filed on SEDAR+ (the Canadian filing system) and on EDGAR (the US one).

Seeing a mine from space: what imagery can and cannot show investors

The satellite picture at the top of this page is a Sentinel-2 view of the Highland Valley district, where open pits, waste dumps and tailings ponds show clearly from orbit. Imagery of this kind can track the footprint of a site, the growth of a dam or the state of vegetation around it. It cannot show ore grade, reserves, costs or share value. Those come from drilling, assays and company filings. Farmonaut applies the same public imagery to exploration targets on a licence area, which is a different job from valuing a listed company.

▶ What satellite exploration cannot do: three limits to know in mining due diligence · 2:08

We cover a connected topic in First Mining Gold (TSX: FF): Springpole and Duparquet.

For a closer look at a related question, see our guide: Hycroft Mining Stocks: HYMC Resource, Cash, Costs.

Frequently asked questions

What is Teck B stock?

Teck B stock is the Class B subordinate voting share of Teck Resources Limited, a Canadian copper and zinc producer. It trades on the TSX as TECK.B and on the NYSE as TECK. It carries one vote per share.

What is the difference between Teck A and Teck B?

Class A shares have 100 votes each and trade as TECK.A on the TSX. Class B shares have one vote each. Teck declared the same C$0.125 dividend on both classes in the fourth quarter of 2025, and each A share can be converted into one B share (Teck Annual Information Form, 2025).

Is Teck being acquired by Anglo American?

Teck and Anglo American agreed on 9 September 2025 to combine in a merger of equals to form Anglo Teck. Shareholders approved it on 9 December 2025 and Canada approved it on 15 December 2025 (Teck). As of 2 October 2026 (Reuters), only China’s approval was reported outstanding.

What would Teck B shares turn into after the merger?

Each Teck Class A or Class B share would be exchanged for 1.3301 Anglo American ordinary shares, or 1.3301 exchangeable shares for eligible Canadian shareholders who elect them. Teck’s merger page has the settlement FAQ and the letter of transmittal.

When is the Anglo Teck merger expected to close?

Reuters reported on 2 October 2026 that both companies expect to close by March 2027, within 18 months of the September 2025 announcement. Closing depends on regulatory approvals, mainly China’s, and could move.

Does Teck pay a dividend?

Teck declared a base dividend of C$0.125 per share each quarter in 2025, C$0.50 for the year. Until the merger closes, its agreement with Anglo American limits dividends to that rate unless Anglo American approves more.

Does Teck still mine steelmaking coal?

No. Teck sold its steelmaking coal business in 2024: a minority stake to Nippon Steel and POSCO in January and the remaining 77% to Glencore in July. Its main products are now copper and zinc.

Which mines does Teck own?

Teck owns or has interests in Highland Valley Copper (100%), Quebrada Blanca (60%), Carmen de Andacollo (90%), Antamina (22.5%) and Red Dog (100%), and it operates the Trail smelter and refinery.

How much copper does Teck produce?

Teck reported 453.5 kt of copper for 2025 on its reporting basis, and guides to 455 to 530 kt for 2026. In the second quarter of 2026 it produced 135,900 tonnes.

Where can I read Teck’s official figures?

Teck publishes quarterly results and its Annual Information Form at teck.com, and files them on SEDAR+ and on the SEC’s EDGAR system. The merger documents are filed there too.