Teck Resources (TECK) Stock Forecast & Price Target

Teck Resources has improved its mill performance, achieving approximately 135,000 tonnes per day (ktpd) throughput with an 82% recovery rate, indicating enhanced operational efficiency. The company's major copper mine project, Quebrada Blanca 2, is expected to boost its attributable copper production by nearly 75%, while the partners foresee a 50% increase in throughput capacity from the expanded processing plant. Furthermore, the upcoming merger with Anglo American is perceived as strategically beneficial due to substantial operational synergies in Chile, reinforcing Teck's position in the low-carbon metals market.

Teck Resources has faced significant challenges this year, with its shares experiencing a decline of 17% year-to-date, largely attributed to ramp-up difficulties at the Quebrada Blanca 2 (QB2) copper mine. The company has also issued a reduction in its guidance for 2027-2028, indicating potential conservative estimates that may not reflect strong future performance. Despite efforts to transition towards low-carbon metals with major investments in copper, ongoing operational issues and underperformance relative to global peers raise concerns about the company's financial outlook.