North American Mining Stocks Surge 9% Amid Copper Rally, Market Cap Increases by Over 4 Trillion Won in a Day

Teck Resources Limited (NYSE: TECK) closed at $63.01 on the New York Stock Exchange on May 5, up 9.01%, lifting its market capitalization by more than $3 billion (roughly ₩4 trillion) in one day to about $30.3 billion (approximately ₩42 trillion).

In its first-quarter 2026 results announced on April 23, Teck’s adjusted EBITDA doubled year-over-year on the back of soaring copper prices, comfortably beating market expectations. That strong earnings momentum drove the stock’s sharp rally. Last week, the company also signed a non-binding letter of intent with Kodiak Copper to form a U.S.-focused copper exploration company, underlining its commitment to expanding North American copper assets.

Headquartered in Vancouver, Canada, Teck is a diversified resource developer. After selling its steelmaking coal business to Glencore, Nippon Steel and POSCO, it has refocused its portfolio on energy-transition metals such as copper and zinc. In 2025, Teck announced a merger with UK miner Anglo American; once regulatory approvals are secured, the combined entity—based in Canada—will operate as a global copper major under the name “Anglo Teck.” Investors are now reconsidering Teck as a large-cap mining stock with over 70% copper exposure, potentially warranting a re-rating.