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Diego Hernandez, the former head of Chilean copper miner Codelco, is set to take the reins at Antofagasta, the FTSE 100 mining company which lost its chief executive in March.

"Teck issued a statement at the request of IIROC on behalf of The Toronto Stock Exchange stating that "it 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." Earlier Bloomberg issued an article citing unnamed sources that saying that the two miners are in early stage negotiations about a tie-up and that any agreement is dependent on the approval of the families that control both miners. "

According to the International Copper Study Group, the world refined copper market is expected to exhibit a surplus of 200,000t in 2010, up from a surplus of 166,000t in 2009. The ICSG believes that increased supply is forecast to match the growth in demand. After the 36th regular meeting of its statistical committee in Antofagasta, Chile, the ICSG reported that refined production is estimated to reach 19.1Mt in 2010 whilst consumption is projected to total 18.9Mt. As for 2011, it is anticipated that the refined copper market will see a deficit of 435,000t, with production at 19.3Mt and consumption at 19.7Mt. It was commented that improved economic activity will boost end-use demand faster than the growth in production. In addition, refined production will grow only slightly due to a shortage of concentrates.