TECK Surges Ahead of SCCO Amid Copper Price Boom

Copper prices have been on the rise, surging 48.2% in a year to near $6.55 per pound, with record highs above $6.80 in early August 2026.

Southern Copper Corporation SCCO and Teck Resources Limited TECK are two prominent diversified base metals miners with significant copper production, both gaining from the surge in commodity prices.

SCCO delivered an adjusted EBITDA of a record $2.86 billion in the second quarter of 2026, up 59.5% year over year, while its total copper production decreased 3.6% to 232,521 tons due to lower ore grades at the Cuajone and Peruvian mines.

Despite this, SCCO maintains a strong long-term outlook with production expected to increase to 1.15 million tons by 2031, driven by its robust and diversified project pipeline spanning Peru and Mexico, including key growth catalysts Tía María, Los Chancas, and Michiquillay projects.

On the other hand, TECK is a significant copper producer in the Americas with four operating mines in Canada, Chile, and Peru, and development projects in North and South America. Its main projects are Highland Valley Copper in Canada and Antamina, Quebrada Blanca (“QB”) and Carmen de Andacollo in South America.

TECK has entered a merger agreement with Anglo American plc to form the Anglo Teck group, which will have more than 70% exposure to copper and be among the top five global copper producers. The new company will consist of six world-class copper assets and premium iron ore and zinc operations with a combined annual copper production of 1.2 million tons.

The Zacks Consensus Estimate for TECK’s 2026 sales is $10.44 billion, indicating a 35.4% year-over-year jump, while SCCO is currently trading at a forward 12-month earnings multiple of 29.75X, higher than its five-year median.