What is the Grasberg mine?

Grasberg in Papua, Indonesia is one of the world's largest and richest copper and gold deposits, operated jointly by Freeport-McMoRan and the Indonesian government. Its transition from open-pit to underground mining has been driving production ramp-up.

What is QB2 and why does it matter for Teck?

Quebrada Blanca Phase 2 (QB2) is Teck's major copper mine development in northern Chile that came online in 2023 — it significantly increases Teck's copper production capacity, transforming the company from a mid-tier diversified miner into a larger-scale copper growth story.

How does China affect copper prices?

China accounts for roughly 50-55% of global copper consumption, driven by construction, manufacturing, and infrastructure — making copper prices highly sensitive to Chinese economic growth, property market health, and infrastructure spending. A Chinese slowdown is typically bearish for copper prices and copper mining stocks.

Data as of: June 16, 2026

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FCX

Freeport-McMoRan Inc. · Materials - Copper Mining

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N/A this month

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TECK

Teck Resources Limited · Materials - Diversified Metals & Mining

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MIXED SETUP

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Quick take

FCX vs TECK Stock Comparison: AI Score, Valuation, Performance and Upside

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FCX is the dominant pure-play copper company globally with the irreplaceable Grasberg asset, while TECK is transitioning into a copper-focused miner with QB2 providing significant production growth. Both benefit from copper's central role in electrification and energy transition infrastructure, but with different asset profiles and near-term catalysts.

FCX vs TECK pits the dominant global copper incumbent against a growth-oriented copper transition play, both leveraging the electrification megatrend driving structural copper demand growth.

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Normalized 1Y performance

FCX

TECK

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Recent returns

FCX

TECK

Not enough data to chart yet.

Analyst price targets & sentiment

Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.

FCX

Price target data unavailable

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TECK

Price target data unavailable

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Who should consider this stock?

FCX may suit investors who:

Want the highest-quality copper exposure through the world-class Grasberg mine and established global operations
Value FCX's near-term cash generation and copper leverage as the world's largest public copper company
Prefer an established mining operator with operational track record over a production-ramp growth story

TECK may suit investors who:

See significant upside in Teck's QB2 production ramp as it reaches full capacity and drives earnings growth
Value Teck's strategic copper pivot as it sheds steelmaking coal exposure and focuses on energy transition metals
Want Canadian-domiciled mining exposure with strong ESG positioning in the copper sector

Performance & AI score

Performance & AI score
Metric	FCX	TECK
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Valuation & upside potential

Valuation & upside potential
Metric	FCX	TECK
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Full DCF model for FCX

Growth, profitability & risk

Growth, profitability & risk
Metric	FCX	TECK
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Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

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5Y risk snapshot

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10Y risk snapshot

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Performance metrics by period

Performance metrics by period
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AI Prediction Signali

Members only

Next 5 trading days

FCX

+2.8%BUY

TECK

+1.1%HOLD

Next 30 trading days

FCX

+6.4%BUY

TECK

+3.2%HOLD

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Business comparison

Business comparison
Category	FCX	TECK
Company	Freeport-McMoRan Inc.	Teck Resources Limited
Sector	Materials - Copper Mining	Materials - Diversified Metals & Mining
Industry	N/A	N/A
Core business	Freeport-McMoRan is one of the world's largest publicly traded copper producers, operating the Grasberg mine in Indonesia (one of the world's largest copper and gold deposits), along with major operations in North and South America.	Teck Resources is a major Canadian diversified miner focused on copper, zinc, and steelmaking coal, with its flagship QB2 copper mine in Chile ramping to full capacity and growing its copper exposure following the sale of its steelmaking coal segment.
Investor focus	Investors track FCX's copper production volumes, average realized copper prices, Grasberg mine performance and output ramp, and the company's smelting and downstream processing expansion in Indonesia.	Investors track Teck's QB2 copper production ramp, copper sales volumes, and the company's strategic pivot toward becoming a pure-play copper growth vehicle following the Elk Valley Resources steelmaking coal separation.

FCX strengths

Grasberg mine is one of the largest copper and gold deposits in the world — an irreplaceable, high-grade, long-life asset
Pure-play copper exposure is attractive as copper demand is expected to grow significantly with electrification and clean energy infrastructure
Scale and operational expertise in major copper mining operations across multiple continents

TECK strengths

QB2 mine ramp provides significant copper production growth without the capital risk already embedded in current valuations
Strategic pivot to copper-focused mining positions Teck well for energy transition copper demand growth
Canadian-based diversified miner with established ESG credentials and governance

Risks to watch — FCX

Copper prices are highly cyclical and sensitive to Chinese economic activity and global industrial demand
Grasberg political and operating risks in Indonesia include government ownership requirements and royalty negotiations
High capital intensity of mine operations and smelter construction requires sustained commodity prices for attractive returns

Risks to watch — TECK

QB2 ramp execution risk — first full-scale production from a new major copper mine carries technical and logistical risk
Steelmaking coal segment divestiture leaves Teck more exposed to copper price cycles without the diversification buffer
Copper price volatility affects Teck's earnings significantly as QB2 volumes grow

Frequently asked questions

Copper is an essential conductor of electricity — electric vehicles require 3-4x more copper than combustion engine cars, wind turbines and solar panels require significant copper wiring, and grid infrastructure upgrades for renewable energy require massive copper cable investment. This demand growth is expected to require substantial new copper mine supply.

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