Core Viewpoint - Anglo American's CEO Duncan Wanblad remains confident in the $50 billion merger with Teck Resources despite recent cuts in copper production forecasts from Teck [1][2]. Merger Insights - Wanblad stated that the merger's value is not affected by Teck's revised production forecasts, emphasizing the extensive due diligence conducted prior to the merger [2]. - The merger will result in Anglo American holding a 50% stake in the new Anglo Teck company [2]. Production Forecasts - Teck Resources has lowered its 2025 output projection for the Quebrada Blanca copper mine in Chile from 210,000–230,000 tonnes to 170,000–190,000 tonnes, marking a decrease of 17% to 19% [2]. - This revision is the second in three months, with the first reduction occurring in July [3]. Strategic Direction - Wanblad highlighted the need for a new approach to mining, indicating that the merger aligns with a future-facing strategy [4]. - The company is restructuring by divesting from nickel, diamonds, platinum, and coal to focus on a more streamlined portfolio [4]. Coal Business Developments - Anglo American is currently in arbitration with Peabody Energy after Peabody withdrew its $3.78 billion bid for Anglo American's Australian coking coal assets, citing a Material Adverse Change (MAC) event [5]. - Wanblad expressed confidence that the situation does not constitute a MAC event, asserting that there is no damage to the asset [5]. - The company plans to remarket its coal business, aiming for a market entry by late this year or early next year [6].

Summary of Key Points from Conference Call Records Industry Overview - The records discuss the gold, copper, and cobalt markets, highlighting their current trends and future outlooks. Gold Market Insights - The expectation of interest rate cuts by the Federal Reserve has positively impacted gold prices, which recently surpassed $4,000 per ounce, marking a 50% increase year-to-date [2][10][11] - Factors driving this increase include the Federal Reserve's 25 basis point rate cut, the U.S. government shutdown delaying economic data releases, and the potential for further rate cuts due to the Dodge 2.0 plan, which may lead to layoffs [2][10] - Long-term support for gold prices comes from global tensions, increased central bank gold purchases, and the declining status of the U.S. dollar, particularly with China's push for transactions in yuan for Australian iron ore [1][2] - Companies like Shandong Gold and Chifeng Jilong Gold are highlighted as undervalued with good performance expectations [1][3] Copper Market Insights - Copper prices have stabilized above $10,000, nearing historical highs, driven by its financial attributes in a low-interest-rate environment [1][4] - The copper industry faces supply constraints due to insufficient capital expenditure in recent years, frequent mining accidents, and significant production guidance downgrades from companies like Teck Resources [1][4][14] - Strong demand for copper is noted in traditional infrastructure and renewable energy sectors, suggesting a robust long-term outlook for copper prices [4][16] - Key companies to watch include Zijin Mining and Jiangxi Copper, which are expected to benefit from the supply-demand dynamics [1][4][17] Cobalt Market Insights - The cobalt market has seen price increases due to supply disruptions from the Democratic Republic of Congo (DRC) and quota systems that maintain high prices [5] - Companies less affected by DRC supply issues, such as Liyang New Energy and Huayou Cobalt, are recommended for investment [5] Lithium Market Insights - The lithium market is influenced by the submission of resource evaluation reports in Jiangxi Province, which will determine domestic supply dynamics [6] Solid-State Battery Developments - Recent breakthroughs in solid-state battery cathode materials, particularly in metallic lithium, are expected to significantly increase usage, benefiting companies like Ganfeng Lithium [8] Silver Market Insights - Silver is expected to show higher elasticity compared to gold in the current economic environment, with recommendations to focus on silver-related stocks [12] Investment Recommendations - Investors are advised to focus on leading companies with strong growth potential and profit release capabilities, such as Zijin Mining and Teck Resources, as well as undervalued second-tier stocks like Jiangxi Copper [17]

Core Insights - Teck Resources Limited (TECK) conducted a comprehensive review of its operating plans in Q3 2025, involving third-party technical experts and independent advisors to assess production and cost ranges [1][11] Production and Performance - The Quebrada Blanca (QB) Action Plan is part of a broader initiative to enhance operational performance, with ongoing Tailings Management Facility (TMF) development affecting production [2][3] - QB's copper production in Q3 2025 was 39,600 tons, with sales volumes at 43,900 tons, significantly impacted by TMF development and 20 days of downtime in September [5] - Highland Valley Copper (HVC) produced 28,100 tons in Q3 2025, affected by lower grades, contributing to a total copper production of approximately 104,100 tons and total sales of around 110,300 tons [6] - Red Dog's performance remained strong, producing 122,000 tons of zinc in concentrate in Q3 2025, with sales volumes of 272,800 tons, exceeding guidance [6] Production Outlook - The production outlook for QB has been revised down to 170,000 to 190,000 tons for 2025, from a previous estimate of 210,000 to 230,000 tons, with expectations of continued constraints into 2026 [7] - HVC's 2025 guidance has been reduced to 120,000 to 130,000 tons, while the 2027 outlook has been raised to 135,000 to 155,000 tons [8] - Red Dog's zinc production is projected to decline, with estimates of 375,000 to 415,000 tons in 2026, 330,000 to 370,000 tons in 2027, and 230,000 to 270,000 tons in 2028 [10] Financial Performance - TECK's shares have decreased by 12% over the past year, contrasting with the industry's growth of 17.6% [13]

Core Viewpoint - The company is conducting a comprehensive operational review and will provide updates on its revised operational outlook and specific action plans for its Latin American operations [2]. Group 1 - The presentation will include forward-looking statements, with actual results subject to various risks and uncertainties [1]. - Non-GAAP measures will be referenced throughout the presentation, with explanations and reconciliations available in the latest press release [2]. - The call will feature Jonathan Price, the President and CEO, who will provide an overview of the operational review and discuss the revised operational outlook [2].

Quebrada Blanca mine in Chile is Teck’s largest copper project. (Image courtesy of Teck Resources.) Copper surged to a 16-month high in London after Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK) lowered its copper production guidance for 2025 after persistent setbacks at its Quebrada Blanca (QB) mine in Chile and Highland Valley Copper (HVC) operation in Canada.Prices climbed as much as 0.5% to $10,815 per tonne on the London Metal Exchange. The company said it now expects to produce 170,000 to 190,000 t ...

Teck Resources (NYSE:TECK) Update Summary Company Overview - **Company**: Teck Resources - **Date of Call**: October 08, 2025 - **Focus**: Comprehensive operational review and updates on QB action plan Key Points Operational Review and Action Plan - A comprehensive operations review was launched in August to improve performance through a detailed QB action plan [4] - The review involved third-party technical experts and independent advisers, focusing on enhancing operational practices and establishing achievable plans [4][5] - Enhanced monitoring and tracking of operational performance have been implemented, with direct reporting from SVPs of operations to the CEO [6] QB Operations Update - QB's production has been limited by tailings management facility (TMF) development work, affecting mill availability [7] - Year-to-date mill availability was 87%, but actual utilization was only 70% due to TMF constraints [8] - Recoveries improved sequentially in 2024 but have been impacted in 2025 by transition ores and TMF-related stoppages [9][10] - The focus remains on enabling safe, unconstrained production by raising the dam's crest height [11] TMF Development Work - Key issues include slow drainage of sand due to ultra fines, which has delayed the construction of the sand dam [12][13] - Significant work has been undertaken to improve sand drainage times, with positive initial test results [14] - The TMF development work is expected to continue into 2026, with completion anticipated by the end of that year [22] Revised Guidance and Production Outlook - Changes to guidance reflect a slower ramp-up due to TMF development, with lower recoveries assumed [24] - Average grade at QB is expected to be approximately 0.59% in 2026, with copper production guidance revised to 200,000 to 235,000 tons [30][32] - For 2027, average annual grade is expected to be 0.64%, with production guidance of 240,000 to 275,000 tons [32] - The 2028 production guidance is also revised to 220,000 to 255,000 tons due to lower grade areas being mined [33] Capital Expenditure - Capital guidance for TMF development work in 2026 is CAD $420 million, covering various initiatives including rock bench construction and sand drainage improvements [31][62] - Future capital expenditures for TMF beyond 2026 are expected to be minimal as operations transition to steady state [62] Long-term Potential and Synergies - Despite current challenges, QB remains a world-class Tier one asset with significant potential [38] - The merger with Anglo American is expected to unlock value through synergies between QB and the adjacent Coyoacci operation [40] - The completion of TMF development work is anticipated to eliminate constraints on mill operations from 2027 onwards [42] Additional Insights - The operational review has led to more conservative assumptions and risk adjustments in guidance [41] - The focus on execution and oversight has been strengthened at all levels of the organization [41] Conclusion - Teck Resources is navigating operational challenges primarily related to TMF development, with a focus on improving performance and achieving long-term production goals. The company remains optimistic about its future potential, particularly with the anticipated synergies from the merger with Anglo American.

Market Movements - US stock index futures are all up, with Dow futures rising by 0.27%, S&P 500 futures up by 0.13%, and Nasdaq futures increasing by 0.10% [1] - European indices also show positive movement, with Germany's DAX up by 0.75%, UK's FTSE 100 up by 0.92%, France's CAC 40 up by 0.90%, and the Euro Stoxx 50 up by 0.40% [2] Commodity Prices - WTI crude oil has increased by 1.72%, reaching $62.79 per barrel, while Brent crude oil is up by 1.50%, priced at $66.43 per barrel [3] Market News - EU officials express concerns that new US trade demands may undermine a recent agreement that helped avoid a trade war [4] - Gold prices have surged, reaching $4014.41 per ounce, marking a significant milestone as it surpasses the $4000 mark for the first time [4] - Ray Dalio of Bridgewater asserts that gold is a more reliable safe-haven asset than the US dollar, suggesting a strategic allocation of 15% of investment portfolios to gold [5] Company News - Nvidia is reportedly investing billions into Elon Musk's AI startup xAI, aiming for a total funding of $20 billion for its "Colossus2" project [8] - Amazon plans to invest €1 billion (approximately $11.6 billion) in Belgium from 2025 to 2027 to enhance its supply chain [8] - Teck Resources has lowered its copper production forecast for its flagship mine in Chile, adjusting the expected output to 170,000 to 190,000 tons from a previous estimate of 210,000 to 230,000 tons [9] - Toyota and Sumitomo Metal Mining have reached an agreement to collaborate on the mass production of solid-state battery cathode materials [9] - Intel is set to unveil details about its next-generation PC chip technology, "Panther Lake," which will utilize the new "18A" manufacturing process [10]

英美资源收购泰克资源的交易将使该公司市值超过 500 亿美元，这将是过去十年中规模最大的矿业交易 之一。该交易使英美资源得以获得泰克资源备受瞩目的铜矿资产，此前该公司曾多次成为收购目标，并 且还面临着股东的压力。 英美资源表示，此次审查及生产规模的下调并未改变该交易的"战略意义"。该公司表示："英美资源集 团完全支持泰克资源未来几年在提升奎布拉达布兰卡矿井产能方面所采取的更为谨慎的策略。" 与此同时，在上周取得一年来最大单周涨幅后，铜价本周延续涨势，逼近去年五月创下的历史高点。目 前，LME期铜在10,700美元/吨附近交投。 此前，高盛发布研报称，基于资源限制及关键行业的结构性需求增长，料铜价将徘徊于每吨10,000至 11,000美元(下同)水平。该行将2026年的铜价预测由每吨10,000元上调至10,500元，因考虑到印尼格拉斯 伯格(Grasberg)矿场停产、美国减息以及美元进一步贬值，同时维持对2027年每吨10,750元的预测，并 料2025年余下时间铜价维持于10,000元水平。 （原标题：铜价上扬势头获助攻？泰克资源(TECK.US)下调旗舰铜矿产量预期） 智通财经APP获悉，周三，泰克资 ...

Group 1: EU Defense Initiatives - European Commission President Ursula von der Leyen condemned recent drone incidents as a pattern of hybrid warfare, advocating for an EU-wide anti-drone system for detection, interception, and neutralization [2][9] - The proposed anti-drone system aims to create a coordinated shield using a network of radars and acoustic sensors across EU member states, responding to recent drone sightings linked to Russian activities [3][9] Group 2: Japanese Yen and Economic Factors - The Japanese Yen is under downward pressure, with market watchers focused on identifying the next support level amid ongoing political uncertainty in Japan and global economic influences [4][5] - Analysts are closely monitoring the Bank of Japan's policy decisions, as potential rate hikes or adjustments to asset purchases could significantly impact the yen's performance against major currencies [5] Group 3: Anglo American and Teck Resources Merger - Anglo American is defending its due diligence on a $50 billion merger with Teck Resources, which aims to create the world's fifth-largest copper producer, despite Teck's recent cuts to copper forecasts [6][7][9] - The merger, valued at C$69 billion, is strategically focused on securing copper supply amid rising demand, particularly for electrification and renewable energy [7] Group 4: UK Public Borrowing Adjustments - The UK public borrowing for the first five months of the financial year was revised down by £2 billion due to an error in VAT receipt data, affecting budget deficit and public sector net borrowing figures [8][10] - Despite the revision, the overall borrowing for the financial year to August 2025 remains at £83.8 billion, which is £16.2 billion higher than the same period last year [10] Group 5: UK Steel Industry Challenges - The UK steel industry faces a significant crisis as the EU proposes to double tariffs on UK steel imports to 50% and reduce duty-free quotas by 47%, posing an existential threat to the sector [11][12] - With 78% of British steel exports going to the EU, industry leaders are concerned about potential job losses and the devastating impact of these proposed tariffs [12] Group 6: US Legislative Actions on Chip Manufacturing - A bipartisan group of US legislators is pushing for expanded export controls on chip manufacturing equipment to China, following a report revealing significant purchases by Chinese companies [13][14] - These purchases, amounting to nearly $40 billion and representing a 66% increase from 2022, accounted for a substantial share of global sales from major semiconductor toolmakers [14]

Teck cut its output guidance for its flagship copper mine in Chile, little more than a month after agreeing one of the biggest mining deals in over a decade with Anglo https://t.co/JB6iroEZg5 ...