Prismo Metals Inc. (CSE:PRIZ)
A leadership team with a proven ability to explore, operate and develop precious metal discoveries.
A sharp escalation in the US-Iran conflict rattled financial markets on Thursday, sending copper prices tumbling alongside the broader metals complex. The sell-off, however, was overshadowed by a wave of stellar quarterly results from mining giants Teck Resources (TECK) and Freeport-McMoRan (FCX), both of which handily beat Wall Street expectations.
Comex copper for September delivery fell as much as 2.4% to $6.34 a pound, leaving the US benchmark roughly 5% below the record high set in early June. Despite the short-term pressure, the red metal remains up more than 12% year-to-date, supported by tight global supplies, expectations of US import tariffs, and resilient demand from top consumer China.
Teck Resources posted the most dramatic surge. Second-quarter adjusted EBITDA tripled to C$2.19 billion (US$1.6 billion) from C$722 million a year earlier, while revenue jumped 78% to C$3.61 billion. Copper production rose 25% to 135,900 tonnes, and the average realized copper price climbed to $6.05 per pound from $4.32 a year ago. The Quebrada Blanca mine in Chile delivered a third consecutive quarter of stable output at 55,800 tonnes, with full-year guidance unchanged. Adjusted earnings per share reached C$1.93, well above the C$1.25 analysts had forecast. Teck shares surged as much as 5.2% in Toronto.
The results come as Teck advances its planned merger with Anglo American. Jefferies analysts said the combined entity is poised to become a go-to copper major over the next 12 months. The transaction has already secured regulatory clearance in Canada, Chile and Japan, with China remaining the key outstanding approval. Closing is expected within 12 to 18 months of the September announcement. Separately, the Canadian government this month announced plans for a potential equity investment of up to C$400 million (US$285 million) to support an expansion of Teck’s Trail Operations facility in British Columbia.
Freeport-McMoRan also turned in an impressive quarter. The Phoenix-based miner reported adjusted net income of $1.1 billion, or $0.74 per share, on revenue of $7 billion. Copper sales reached 710 million pounds (around 322,000 tonnes), exceeding the company’s April guidance, helped by an average realized price of $6.17 per pound. However, overall copper production fell 18.2% to 786 million pounds, dragged down by ongoing recovery at the Grasberg mine in Indonesia. The world’s second-largest copper mine is currently operating at about 50% of capacity after a deadly mudslide last year, with full capacity now expected only in early 2028. The company said ramp-up should reach 65% later this year. Looking ahead, Freeport issued a 2026 copper sales outlook of 3.1 billion pounds at unit net cash costs of $1.90 per pound.
Adding to the earnings sweep, Southern Copper reported record adjusted EBITDA of $2.86 billion for the quarter and raised its 2026 production guidance to 917,000 tonnes. Management forecast a slight global copper deficit this year, noting that exchange inventories cover only about 15 days of worldwide demand.
