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Canada's Teck sees no material impact from Trump tariffs
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Canada's Teck sees no material impact from Trump tariffs
Feb 20, 2025 9:39 AM

By Mrinalika Roy

Feb 20 (Reuters) - Canadian miner Teck Resources ( TECK )

said on Thursday U.S. President Donald Trump's

proposed tariffs on Canadian imports will not have any material

impact on its business.

"Our copper and zinc concentrate sales would not be impacted

as we primarily sell to Asia and Europe and not into the U.S.,"

CEO Jonathan Price said on a post-earnings call.

The company does sell some products in the US - mainly

zinc and lead refined at its Trail operations in British

Columbia, as well as speciality metals such as germanium, indium

and sulfur.

While Teck produces a large proportion of these diverse

group of metals, they comprise less than 15% of the company's

revenue, Price said.

"In the event tariffs are imposed, we expect trade flows

to adjust," he added.

Teck shares were trading nearly 2% higher midday after

the miner beat analysts' estimates for fourth-quarter profit,

helped by higher copper production volumes at its Chile mine.

Total copper output in the reported quarter came in at

122,100 tonnes, a 19% jump from a year earlier, with 60,700

tonnes from its Quebrada Blanca (QB) mine in Chile.

Strong sales volumes and favourable prices of the red metal

also supported.

The company has been investing in the QB debottlenecking

project and expects it could lead to a further increase in

throughput by 10-15%.

Teck expects copper production to range between 490,000 and

565,000 tonnes in 2025.

The company reported an adjusted profit of C$0.45 ($0.3168)

per share for the quarter ended December 31, compared with

analysts' average estimate of C$0.43 per share, according to

data compiled by LSEG.

($1 = 1.4205 Canadian dollars)

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