The race to build scale in copper, the metal at the center of electrification, is intensifying, and Hudbay Minerals (HBM Quick QuoteHBM - Free Report) and Teck Resources (TECK Quick QuoteTECK - Free Report) are emerging as two very different versions of the future copper champion. Both companies have delivered resilient year-to-date performance despite operational challenges, while doubling down on long-life growth assets.

Hudbay Minerals has bolstered its balance sheet, lowered costs, and de-risked its flagship Copper World project, while Teck has focused on advancing its rapidly evolving QB (Quebrada Blanca) operation and completing a transformative merger with Anglo American.

Here, we provide an overview of both financial and non-financial metrics for the two companies and assess how they stack up against each other.

Price Comparison: HBM vs TECK

So far this year, Hudbay Minerals has been a clear winner in terms of stock performance when compared to Teck Resources. While HBM shares have surged 89.5% year to date, shares of TECK have lost 7.9%. The wide gap was mainly the result of HBM’s robust top and bottom-line performance over the past two years.

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Hudbay Minerals: Resilient Operations and a Derisked Copper World

Hudbay Minerals delivered another period of industry-leading cost performance despite wildfires in Manitoba and disruptions in Peru. In the second quarter, consolidated cash costs were negative 2 cents/lb while sustaining cash costs totaled $1.65/lb. Although production interruptions led to higher costs during the third quarter, the company improved full-year consolidated cash cost guidance to 15-35 cents/lb (previously 65-85 cnts/lb), reflecting stronger gold byproduct credits and disciplined cost control.

The company has been generating consistent free cash flow — nine consecutive quarters as of the third quarter of 2025 — and has continued to reduce debt by retiring senior notes, lowering net debt to 0.5x EBITDA. The company ended the third quarter with $611 million in cash and cash equivalents along with a revolving credit facility of $425 million, taking the total liquidity to $1.04 billion.

Business Segment Performance

Although protests caused temporary shutdowns and shipment delays at Constancia and Pampacancha mines in Peru, operations continued to be steady. Hudbay Minerals expects the fourth quarter to be its strongest quarter for copper and gold production in Peru, supported by high-grade Pampacancha ore feed.

Meanwhile, Manitoba operations were affected by unprecedented wildfires during the third quarter, which negatively impacted output. However, the company safeguarded its assets, supported local communities and achieved record recoveries at New Britannia (up to 92%) once operations resumed. HBM is also ramping up mining activities to optimize ore feed at its British Columbia operations following lower production volumes caused by waste stripping and a SAG mill upgrade.

Copper World: The Strategic Centerpiece

The Mitsubishi minority joint venture (JV) transformed Copper World’s risk profile, significantly reducing Hudbay Minerals’ equity funding burden and validating project economics. Management emphasized the JV as “premier,” “highly accretive,” and a key milestone in its 3P financial plan. The project now advances toward a 2026 sanction decision with first production targeted for 2029.

Moreover, an impairment reversal during the third quarter further reflected strengthened project confidence, while Hudbay Minerals reinforced its intention to maintain disciplined capital allocation as Copper World moves closer to construction.

HBM's Earnings Growth Estimate

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Teck Resources: Expanding Scale and Unlocking the Full Value of QB

Teck Resources posted an adjusted EBITDA of $1.2 billion for the third quarter of 2025, up 19% year over year, supported by higher metal prices, strong zinc performance and lower smelter charges. Liquidity was exceptional at $9.5 billion, with $5.3 billion cash on hand.

However, the standout event of the year was the announced merger of equals with Anglo American, creating “Anglo Teck,” a top-five global copper producer with 1.2 million tons of annual capacity and $800 million in annual recurring synergies, along with an expected $1.4 billion annual EBITDA uplift for 20 years from QB–Collahuasi adjacencies.

QB (Quebrada Blanca): The Value Engine

At QB, Teck Resources has faced constraints related to the ongoing development of its tailings management facility (TMF). While the concentrator and mine have each reached design capacity, TMF limitations have forced intermittent downtime, restricting overall throughput.

However, the company has determined a measurable path to eliminate TMF-related constraints by 2027, enabling sustained design-rate production. QB’s fundamentals remain exceptional —the current mine plan utilizes less than 15% of the resource base, with an additional 8.2 billion tons of resources and a life-of-mine strip ratio of 0.7 that enhances long-term cash flow potential. QB further benefits from its premium, low-impurity concentrate, which reliably attracts favorable treatment terms and premium pricing from smelters under all contract structures.

Copper performance outside QB (Highland Valley, Carmen de Andacollo, Antamina) was solid, benefiting from higher throughput and grades. Apart from copper, Teck’s zinc business (Red Dog + Trail) had a standout year, contributing strongly to earnings, supported by elevated shipments and lower smelter charges.

TECK's Earnings Growth Estimate

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Valuation: HBM vs TECK

Both HBM and TECK are trading at forward 12-month price to sales multiples of 2.76 and 2.65, respectively. Both companies are trading at a premium to the Zacks Mining – Miscellaneous industry.

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Verdict: Which Miner Looks Stronger Now?

Hudbay Minerals appears more immediately stable, with consistent free cash flow, improving costs and a derisked Copper World project approaching sanction. Its balance sheet improvement and operational discipline create near-term investment appeal.

Teck Resources, however, appears to have the more substantial long-term growth runway. The depth of QB’s resource base, its strategic concentrate characteristics, its sustainability infrastructure, and adjacency opportunities from the Anglo merger position it as a potential future copper giant, even as TMF constraints and integration risks persist.

Currently, both Hudbay Minerals and Teck Resources carry a Zacks Rank #3 (Hold), suggesting an opportunity for existing investors. However, new investors may want to wait for a more attractive valuation entry point, as both companies trade above the industry average. Meanwhile, based on the Zacks Value Score, HBM appears to be the better bet, with a score of B compared to TECK’s score of C.