Core Viewpoint - Associated British Foods (ABF) experienced a slight decline in share price due to disappointing full-year results, despite discussions of a potential split of its Primark and food businesses [1][10]. Financial Performance - ABF's group revenues fell by 3% to £19.5 billion for the year ending 13 September, with a 1% decline in sales at constant currencies [1]. - Adjusted operating profit decreased by 13% to £1.7 billion, with a similar 12% drop at stable exchange rates [2]. - Adjusted earnings per share (EPS) fell by 11% to 174.9p [2]. Primark Performance - Primark's sales remained unchanged at £9.5 billion at actual currencies, but increased by 1% at constant currencies [3]. - The fashion unit's adjusted operating profit rose by 2% to £1.1 billion, with operating profit margins improving by 20 basis points to 11.9% [3]. - In the UK and Ireland, Primark's sales dropped by 1% for fiscal 2026, with a 4% decline in the first half attributed to weak market conditions [4]. - Sales rebounded by 1% in the second half of the year as market conditions improved [4]. Regional Performance - Retail sales in Mainland Europe increased by 2% during financial 2026, while US turnover surged by 20% due to ongoing store expansion [5]. Strategic Review - ABF is considering separating Primark from its other businesses to maximize long-term value, with Rothschild & Co engaged for the review [5]. - The review is being conducted in consultation with Wittington Investments, ABF's largest shareholder [5]. Future Outlook - CEO George Weston indicated that the company navigated a challenging environment but saw robust results in most businesses [8]. - There is confidence in the group outlook for 2026, although it is contingent on the unpredictable consumer environment [9]. - ABF anticipates an increase in adjusted operating profit and adjusted EPS for the upcoming year [9].

Core Viewpoint - Teck Resources' Quebrada Blanca mine in Chile is showing signs of recovery, which is crucial for its $53 billion merger with Anglo American, as it raises questions about the mine's viability and future role [1][5]. Group 1: Mine Performance and Recovery - Mill throughput and copper recoveries at Quebrada Blanca are now meeting expectations due to an action plan initiated in August [2]. - The "QB Action Plan" includes significant upgrades to tailings infrastructure, with 59% of the mine's cyclones replaced, and full replacement expected by the end of 2025 [3]. - The current mine plan utilizes only 15% of Quebrada Blanca's resource base, indicating potential for long-term growth [4]. Group 2: Merger and Integration - The turnaround at Quebrada Blanca coincides with the merger between Teck and Anglo American, which aims to create the world's largest copper mine by the early 2030s [5]. - The integration of Quebrada Blanca with Anglo's Collahuasi mine, located just 15 km away, is a central feature of the merger [6]. - The combined QB-Collahuasi complex is projected to yield around one million tonnes of copper annually, with a proposed conveyor system expected to add 175,000 tonnes of copper output per year between 2030 and 2049 [7]. Group 3: Financial Projections and Market Position - The integration of operations is anticipated to generate up to $1.4 billion in additional annual EBITDA and $800 million in pretax synergies through improved procurement and operations [8]. - Teck is valued at $10.8 billion on a post-tax, sum-of-the-parts basis, with $13.8 billion attributed to copper assets, excluding synergy gains from the merger [9]. - If completed, the merger would position Anglo-Teck among the top five global copper producers, with an output of 1.35 million tonnes annually, surpassing Escondida's projected output of 1.28 million tonnes in 2024 [9].

Teck Resources (NYSE:TECK) Update Summary Company Overview - **Company**: Teck Resources - **Event**: Investor and Analyst Tour - **Date**: November 03, 2025 - **Location**: Santiago, Chile Key Points Industry and Company Transformation - Teck has transitioned from a focus on steelmaking coal to becoming a leading energy transition metals business, particularly in copper production, aiming to be a top five global copper producer through a merger with Anglo American [12][13][18] - The company has exited energy and steelmaking coal businesses, generating substantial shareholder value [17] Financial Performance and Outlook - Teck has delivered CAD 5.7 billion in cash returns to shareholders since 2022 and reduced debt by USD 2.7 billion [17] - The merger with Anglo American is expected to create significant value, with projections of 1.2 million tonnes of annual copper production and an annual average underlying EBITDA uplift of approximately USD 1.4 billion for at least 20 years [19][20] Operational Highlights - Teck's copper production has increased by approximately 55%, now constituting over 70% of total production [16] - The QB operations are positioned as a Tier one asset with significant growth potential, located in a prolific copper-producing region [34] - The company is focused on operational excellence and has modernized governance structures to enhance performance [15][29] Tailings Management Facility (TMF) Development - The TMF development is a key priority, with ongoing work to stabilize production and improve operational efficiency [49][50] - Recent challenges with sand drainage have delayed progress, but improvements are being made with new cyclone technology and paddock redesign [56][61] Sustainability and Community Engagement - Teck's operations in Chile have achieved 100% renewable power and utilize 100% desalinated seawater, reflecting a commitment to sustainability [27][45] - The company has established strong relationships with local communities, evidenced by 23 agreements with indigenous communities and fishermen's unions [46][48] Future Growth and Value Creation - Teck is advancing a portfolio of value-accretive copper projects across North and South America, focusing on maximizing growth options and improving returns [24] - The company aims to achieve design rates of 86% to 92% in recoveries as operations stabilize post-TMF development [67][82] Market Position and Competitive Advantage - Teck is currently a top 10 copper producer in the Americas, with a diversified asset base that includes significant zinc production [23] - The merger with Anglo American is expected to enhance Teck's market positioning and access to capital, creating a leading investable copper opportunity [21][22] Conclusion - Teck Resources is positioned for significant growth and value creation through its strategic focus on copper production, operational excellence, and sustainability initiatives, alongside the transformative merger with Anglo American [12][19][82]

Core Insights - Teck Resources Limited is advancing its roadmap for long-term value creation, focusing on the ramp-up of the Quebrada Blanca (QB) project and a proposed merger with Anglo American to form one of the largest global copper complexes [1][2] Group 1: Merger and Value Creation - The merger with Anglo American is expected to create a leading growth-oriented copper investment vehicle, enhancing resilience and capacity for significant value realization across the combined portfolio [2][4] - The integration of QB and Collahuasi is recognized as a compelling industrial synergy opportunity, unlocking additional production and value for stakeholders [2][4] Group 2: Quebrada Blanca (QB) Asset - QB is identified as a tier-one, multi-generational copper asset, currently utilizing only 15% of its resource base, indicating substantial long-term growth potential [3][5] - Recent improvements in performance have been attributed to the implementation of the QB Action Plan, addressing production constraints related to the Tailings Management Facility [3][5] Group 3: Production and Financial Projections - The combined copper production from the merger is projected to reach 1.2 million tonnes, with expectations to grow to approximately 1.35 million tonnes by 2027 [5] - Teck shareholders are expected to benefit from multiple value drivers, including an estimated US$800 million in pre-tax recurring annual corporate synergies and potential additional copper production of approximately 120-165 kilotonnes per annum through asset optimization [5][6] Group 4: Strategic Positioning - The merger will position the combined entity as a top five global copper producer with over 70% copper exposure and significant growth optionality [4][6] - The anticipated synergies from the merger are expected to continue beyond 2030, with a focus on capturing substantial value for shareholders [6][10]

Core Viewpoint - Activist fund Palliser Capital is pressuring Rio Tinto to make a counteroffer for Teck Resources and to restructure its dual listing, aiming to create a copper-focused giant [1][3]. Group 1: Acquisition Pressure - Palliser Capital urges Rio Tinto to challenge the merger agreement between Teck Resources and Anglo American, seeking control over a set of prime copper assets with an expected annual output of 1.3 million tons [1]. - The acquisition is seen as a way for Rio Tinto to diversify away from iron ore dependency and potentially unlock at least $800 million in cost synergies [1]. Group 2: Dual Listing Structure - Palliser argues that the dual listing structure of Rio Tinto hinders its ability to make a stock-based offer for Teck Resources, suggesting that a single holding company based in Australia is necessary for any credible strategic acquisition [3]. - The fund has been advocating for the integration of Rio Tinto's listing structure for over a year, emphasizing that it is a prerequisite for any merger strategy [3]. Group 3: Business Split Proposal - The proposal includes splitting Rio Tinto into two entities: one based in Canada focusing on copper, aluminum, and zinc, and another in Australia focusing on iron ore [3]. - This split is expected to release "trapped value" and attract new investors interested in pure copper business stocks [3]. Group 4: Shareholder Response - Rio Tinto has previously faced a shareholder vote where the majority rejected Palliser's proposal to review the dual listing structure, supporting the board's stance instead [4]. - The board cited tax considerations and the high costs associated with a single listing structure as reasons for maintaining the current setup [4].

Core Viewpoint - Activist fund Palliser Capital is pressuring Rio Tinto to make a counteroffer for Teck Resources and to restructure its dual listing, aiming to create a copper-focused entity [1][3]. Group 1: Acquisition Pressure - Palliser Capital urges Rio Tinto to challenge the merger agreement between Teck Resources and Anglo American, seeking control over a set of prime copper assets with an expected annual output of 1.3 million tons [1]. - The fund holds approximately $400 million in Rio Tinto shares, representing less than 1% of the company [1]. Group 2: Dual Listing Structure - Palliser argues that Rio Tinto's dual listing structure must be integrated into a single Australian-based holding company to facilitate the acquisition of Teck Resources [3]. - The fund claims that the current structure limits Rio Tinto's ability to make a stock-based offer for Teck, forcing it to consider more expensive or dilutive alternatives [3]. Group 3: Business Split Proposal - The letter suggests splitting Rio Tinto into two entities: one focused on copper, aluminum, and zinc based in Canada, and another focused on iron ore based in Australia, to unlock "trapped value" and attract new investors [4]. - Palliser believes that a more attractive offer could be made to Teck's shareholders, allowing them to participate in a potential revaluation post-split [4]. Group 4: Shareholder Response - Rio Tinto has previously rejected Palliser's proposal to review its dual listing structure, citing tax considerations and the high costs associated with a single listing [2][4]. - The company maintains its focus on maximizing shareholder value and plans to update its strategic progress at the upcoming "Capital Markets Day" [1].

November 3, 2025VANCOUVER, British Columbia, Oct. 28, 2025 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) President and Chief Executive Officer, Jonathan Price and members of Teck’s executive management team will be presenting on Monday, November 3, 2025 from 10:55 a.m. to 1:30 p.m. Eastern / 7:55 a.m. to 10:30 a.m. Pacific time as part of Teck’s QB Operations Site Visit. A webcast to view the event will be held as follows: Date:Monday, November 3, 2025Time:10:55 a ...

Greenlight Capital, an investment management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Greenlight Capital funds returned -3.6% in the quarter, net of fees and expenses, compared to 8.1% for the S&P 500 index. The fund returned 0.4% in YTD compared to 14.8% for the index. For more information on the fund’s top picks in 2025, please check its top five holdings. In its third-quarter 2025 investor letter, Greenlight Capital highlighted stocks suc ...

Financial Performance - Profit from continuing operations attributable to shareholders was $281 million in Q3 2025, compared to a loss of $748 million in Q3 2024, primarily due to an after-tax impairment charge of $828 million in the previous year[21]. - Adjusted profit from continuing operations attributable to shareholders was $372 million, or $0.76 per share, compared to $314 million, or $0.61 per share, in Q3 2024[24]. - Revenue for Q3 2025 was CAD$3,385 million, a 18.4% increase from CAD$2,858 million in Q3 2024[27]. - Gross profit for Q3 2025 reached CAD$660 million, up 38.0% from CAD$478 million in Q3 2024[27]. - The company declared dividends of CAD$0.125 per share in Q3 2025, down from CAD$0.625 per share in Q3 2024[27]. - The company returned approximately $1.0 billion to shareholders through share buybacks and dividends from January 1 to October 21, 2025, with $205 million returned in Q3 alone[22]. - The company reported a significant increase in gold production at Carmen de Andacollo, rising to 10.0 thousand ounces in Q3 2025 from 6.3 thousand ounces in Q3 2024, an increase of 58.73%[181]. - Total revenue for the nine months ended September 30, 2025, was CAD$7,698 million, compared to CAD$6,279 million for the same period in 2024, marking a 22.7% increase[174]. Production and Sales - Copper production in Q3 2025 was 104,100 tonnes, down from 114,500 tonnes in Q3 2024, with QB production specifically decreasing from 52,500 tonnes to 39,600 tonnes due to ongoing tailings management[21]. - Zinc in concentrate production was 150,500 tonnes in Q3 2025, a 5% decrease from the previous year, attributed to lower production at Red Dog, partially offset by higher output from Antamina[21]. - Copper sales volumes were 110,300 tonnes in Q3 2025, similar to the previous year, while zinc in concentrate sales volumes increased by 14% to 305,700 tonnes[22]. - The global copper concentrate market remains tight, with mine supply disruptions leading to losses exceeding 1 million tonnes of contained copper in Q3 2025[44]. - Total copper production guidance for 2025 is expected to be between 415,000 to 465,000 tonnes, with annual net cash unit costs projected between US$2.05 – $2.30 per pound[67]. - Annual total zinc in concentrate production is expected to be 525,000 to 575,000 tonnes in 2025, decreasing to 275,000 to 325,000 tonnes by 2028[95]. Costs and Expenses - Operating costs for QB in Q3 2025 were US$317 million, an increase of US$7 million year-over-year, driven by higher maintenance and contractor costs[49]. - Operating costs at Antamina in Q3 2025 were US$98 million, an increase of US$6 million from the previous year, attributed to higher labor and diesel costs[56]. - Total operating costs for the third quarter of 2025 totaled CAD$1,363 million, up from CAD$1,206 million in the same quarter of 2024, indicating an increase of 13.0%[176]. - Total cash unit costs including QB were US$2.69 per pound in Q3 2025, up from US$2.60 per pound in the same period last year[60]. - Adjusted cash cost of sales for copper was CAD$3.71 per pound in Q3 2025, compared to CAD$3.25 per pound in Q3 2024, reflecting increased operational costs[212]. Market and Pricing - The average LME copper price increased by 6% to $4.44 per pound, while the average LME zinc price rose by 2% to $1.28 per pound in Q3 2025[21]. - The average realized copper price in Q3 2025 was US$4.45 per pound, compared to US$4.21 per pound in Q3 2024, marking a 5.7% increase[34]. - The average zinc price on the LME in Q3 2025 was US$1.28 per pound, a 7.2% increase from the previous quarter[80]. Strategic Developments - Teck announced a merger agreement with Anglo American plc on September 9, 2025, to form the Anglo Teck group, expected to close within 12-18 months[22]. - The Comprehensive Operational Review led to revised annual production guidance for QB and Highland Valley Copper for 2025-2028, and updated net cash unit cost guidance for 2025 and 2026[22]. - The company is currently assessing the impact of new accounting standards effective from January 1, 2026, on its consolidated financial statements[165][167]. Financial Position - As of September 30, 2025, the company's liquidity was $9.5 billion, including $5.3 billion in cash, reflecting a decrease of $2.8 billion since December 31, 2024[108]. - Total debt as of September 30, 2025, was CAD$5,482 million, with net debt (cash) at CAD$(2,105) million[208]. - The net debt to net debt-plus-equity ratio improved to 1% as of September 30, 2025, compared to a negative 8% at the end of 2024[106].

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $1.2 billion for Q3 2025, representing a 19% increase compared to the same period last year, driven by higher base metals prices and improved operational performance [12][13][9] - The balance sheet remains strong with liquidity of $9.5 billion, including $5.3 billion in cash, and an increase of approximately $500 million in cash during October due to the collection of receivables [21][22] Business Line Data and Key Metrics Changes - In the copper segment, gross profit before depreciation and amortization improved by 23% to $740 million, primarily due to higher base metals prices and lower smelter processing charges [14] - The zinc segment saw a 27% increase in gross profit before depreciation and amortization to $454 million, driven by higher zinc prices and byproduct revenues [17] Market Data and Key Metrics Changes - Red Dog zinc sales reached 273,000 tonnes, exceeding guidance, while the company expects fourth-quarter zinc sales to be between 125,000 to 140,000 tonnes [18][20] - The company anticipates annual copper production of 415,000 to 465,000 tonnes for 2025, with net cash unit costs projected between $2.05 to $2.30 per pound [16] Company Strategy and Development Direction - The merger with Anglo American is positioned as a transformative opportunity to create a global leader in critical minerals and a top five copper producer, with expected annual synergies of $800 million [4][30] - The company is focused on disciplined execution across operations and progressing the merger, while also enhancing operational practices through a comprehensive review [23][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational plans and the potential for significant value creation from the merger, emphasizing the importance of collaboration between the two companies [30][36] - The company is optimistic about the QB asset's potential, with plans to improve sand drainage and ramp up production capabilities by 2027 [26][28] Other Important Information - The company completed $144 million in share buybacks in July but will not execute further buybacks until after the merger closes [12][22] - The company has a strong commitment to safety, with a high potential incident frequency rate of 0.06, which is 50% below the previous year's rate [10] Q&A Session Summary Question: Preliminary discussions with Glencore regarding the JV - Management indicated that discussions regarding synergies between QB and Coyoacci are ongoing and that all parties are motivated to work together to capture value [35][36] Question: Updated guidance for 2025 - Management expects to remain within the guidance ranges for capital expenditures and unit costs, suggesting a midpoint approach for projections [38][39] Question: Engagement with Investment Canada on the merger - Management confirmed ongoing and productive discussions with the Canadian government, emphasizing commitments to capital spending and maintaining headquarters in Canada [66] Question: Value creation from the merger even without the JV - Management affirmed that the merger itself presents significant value creation opportunities, independent of the JV discussions [72][73] Question: Framework for valuing the JV economics - Management acknowledged that discussions regarding the economic split in the JV are forthcoming and will be part of the commercial agreements to be established [75][76]