Teck: Antamina shifts to copper-only ore in Q2, cuts zinc output by 62%
Teck said its Antamina Peru JV increased copper-only ore in Q2 2026 mill feed to 67% from 23% a year earlier, cutting zinc ore to 33% from 77%. Antamina copper rose to 108,500 tonnes (100% basis) and zinc fell to 54,000 tonnes. Teck cited mine plan and a 302-km pipeline shutdown affecting zinc concentrate sales. Teck reported Q2 adjusted EBITDA of C$2.2B and kept 2026 copper guidance at 455,000-530,000 tonnes.
How this was made
The 30-second read
Why it matters
The Q2 ore-mix shift toward copper-only feed increases copper production while zinc output drops sharply, and a temporary slurry pipeline shutdown is described as fixed and back in operation.
Market read
Copper-heavy ore mix plus tight copper concentrate market conditions are likely to be the dominant near-term drivers for TECK’s production and margin expectations, partially offset by zinc weakness and concentrate shipment timing.
What to watch
The article notes Antamina’s Q2 2025 shutdown reduced the copper comparison base; traders may want to separate mix effects from year-on-year base effects and monitor whether zinc concentrate sales normalize after the pipeline restart.
Background
Antamina is a Peru copper-zinc joint venture where Teck holds a 22.5% interest and reports proportionate copper output.
Ticker impact
Teck says Antamina shifted Q2 mill feed to 67% copper-only ore from 23% a year earlier, cutting zinc output by about 62%.
Bias toward copper-linked upside for TECK near term, with volatility around zinc concentrate shipment timing.
The article provides concrete Q2 production mix changes at Antamina (Teck’s 22.5% stake) plus a CEO quote that the 302-km slurry pipeline is now fixed, alongside record-low copper concentrate charges and tight copper concentrate conditions.
Market effects
Tight copper concentrate conditions and record-low treatment/refining charges can influence near-term margins and pricing dynamics for copper concentrate producers and smelters.
Peru-based Antamina operational changes can affect regional concentrate flows and shipment schedules.
Middle East sulfur supply disruption is cited as a driver of smelter behavior, linking global sulfur markets to copper concentrate economics.
Counterpoint
Copper volume gains may not translate to earnings upside if concentrate charges stay depressed or if zinc shipment disruptions reappear.
Key entities
- joint_ventureAntamina
Peru mine JV whose mill feed mix and pipeline operations drive Teck’s proportionate copper and zinc concentrate outcomes.
- companyTeck Resources
22.5% Antamina stakeholder reporting copper output, group production, and concentrate market conditions.
- executiveJonathan Price
Teck CEO who said the Antamina slurry pipeline is now fixed and back in operation.
