Teck Resources (TSX:TCK.A,TCK.B)(NYSE:TCK) denies it’s in talks to merge with a British mining giant.
Rumours began swirling Monday (March 30) over a possible deal between the Canadian mining company and London-based Antofagasta, whose controlling interest falls under the Luksic in Chile.
Both companies have copper operations in Chile.
“(Teck) is not in discussions with Antofagasta in relation to any form of transaction, and there are no other corporate developments that justify any significant movement in its share price,” the Vancouver-based company announced in a press release.
However, its shares jumped more than 10% to US$15.87 on the New York Stock Exchange by Monday afternoon following a report earlier in the day from Bloomberg.
With revenue of $9.4 billion in 2013, Teck is B.C.'s largest mining company, according to data calculated by Business In Vancouver.
Revenue at Antofagasta, meanwhile, was US$5.9 billion last year.
Both companies have experienced declines in income due to falling metallurgical coal prices.
