Antofagasta and Teck Resources deny merger rumours

Both Antofagasta and Canada-based Teck have denied the speculation, despite a Bloomberg report that suggested the two were in "early-stage talks".

The rumoured deal, which would have created one of the largest copper producers in the world, is said to have required major compromises by the families that control each party.

In a brief statement on Tuesday morning, Antofagasta said: "Antofagasta plc notes the press speculation earlier today and can confirm that it is not in discussions with Teck Resources about a potential merger."

Similarly, Toronto-listed Teck denied the talks after an 11% jump in the stock on Monday, saying: "There are no other corporate developments that justify any significant movement in its share price."