Core Viewpoint - Teck Resources Limited is proposing a merger with Anglo American plc, which is expected to create a leading global critical minerals company, Anglo Teck, enhancing shareholder value and growth potential [3][4][9]. Merger Details - The special meeting of shareholders is scheduled for December 9, 2025, to approve the merger [1][10]. - Teck's Board of Directors unanimously recommends that shareholders vote "FOR" the merger, believing it to be in the best interests of the company and its stakeholders [2][9]. - The merger is anticipated to close within 12-18 months, subject to necessary approvals [6]. Shareholder Benefits - Teck shareholders will own approximately 37.6% of the combined company on a fully diluted basis, allowing them to benefit from future value creation [5]. - The merger is expected to generate approximately US$800 million in pre-tax recurring annual synergies and US$1.4 billion in underlying annual EBITDA synergies from adjacent operations [12]. Growth and Portfolio - The combined entity, Anglo Teck, will be a top five global copper producer with a world-class portfolio, including six major copper assets and one of the largest zinc mines [5][12]. - The merger will enhance growth prospects through asset optimization and capital-efficient adjacencies, with significant long-term optionality [5]. Support and Approval - The merger has the backing of key stakeholders, including Temagami Mining Company Limited and SMM Resources Incorporated, who collectively represent approximately 79.8% of Teck's Class A common shares [7]. - The Supreme Court of British Columbia has granted an interim order to facilitate the meeting and voting process [6].

Group 1: Report Overview - The report is a zinc special report dated November 10, 2025, focusing on the Q3 financial reports of overseas zinc mines [4][8][12] Group 2: Overseas Mine Production Overseas Part - Mine Output Aggregation - The report provides a detailed table of the production of overseas mining enterprises from 2021Q1 to 2025Q3, including Vedanta, Glencore, TECK, etc. The total production shows fluctuations over different quarters and years, with varying year - on - year growth rates [16] Global Zinc Concentrate Annual Output - The annual output and year - on - year growth rate of global zinc concentrate from 2017 to 2025E are presented. The output in 2025E is expected to be 1262.05 million tons, with a year - on - year growth of 5.90% [70] Zinc Concentrate Production Change Forecast - In 2025, overseas mines are expected to have a net increase of 59.49 million tons in production, with new mines, production increases, restarts, and some mines reducing production or shutting down. Domestic mines are expected to have a new production increase of 10.80 million tons, with a total global net increase of 70.29 million tons [73] - Forecasts for production changes from 2026 - 2030 are also provided, with a total net increase of 23.27 million tons in 2026, 5.60 million tons in 2027, 12.10 million tons in 2028, 6.30 million tons in 2029, and 0.70 million tons in 2030 [75]

Group 1 - The presentation is led by Emma Chapman, Vice President of Investor Relations at Teck, during the QB Operations Site Visit and Update in Santiago [1] - The meeting begins with a safety briefing, outlining emergency procedures in case of fire or evacuation [2]

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 ...