Teck Resources Ltd. reported a significant increase in second-quarter earnings, surpassing profit estimates due to strong copper prices and higher production volumes. The Canadian miner reaffirmed its output guidance, particularly for its key Quebrada Blanca mine in Chile.

Benchmark copper prices saw a substantial rise of 41.5% year-over-year in the quarter, driven by supply concerns and robust demand from China, alongside anticipation of U.S. tariffs. Global copper demand is projected to grow by 50% by 2040, fueled by the energy transition and increasing data center power needs.

Teck Resources, currently merging with Anglo American, reported an average realized copper price of US$6.05 per pound, up from US$4.32 a year prior. Production increased by nearly 24.6% to 135,900 tons, with Quebrada Blanca contributing 55,800 tons. The company posted adjusted earnings of $1.93 per share, exceeding the analyst estimate of $1.25. Additionally, the Canadian government is considering an investment of up to $400-million for Teck's Trail Operations expansion.