``Teck reports that it is not in discussions with Antofagasta in relation to any form of transaction,'' the company said in a brief statement made at the request of regulators.

``There are no other corporate developments that justify any significant movement in its share price.''

However, speculation prompted by a Bloomberg report, which cited unidentified sources, ensured that the mining giant garnered a lot of attention during its "investor day" on Tuesday.

Here are some key takeaways that were noted in a Scotia Capital report.

Acquiring a producing copper asset to bridge the near-to-medium term decline in the company’s production profile to the potential start-up of Quebrada Blanca Phase 2 (QB2) remains high on the company’s priority list.

While there has been significant speculation in the press of late, management effectively squashed all rumoured M&A activity, including a merger with Antofagasta Minerals.

At the end of 2014, the company had total cash of $2.0 billion and total debt of $8.4 billion, resulting in a significant net debt position of $6.4 billion (or $11.13 per share).

Given the already successful focus on cost reduction initiatives and little further room to reduce capex spending, the $519 million annual dividend remains one of the last available levers to reduce the company’s cash burn (potential streaming transactions and/or asset sales remain other options to raise cash).

Scotia Capital said in its report that a 50% cut to the current dividend is "pretty much priced into the shares." The stock traded at $17.28 on Wednesday in a 52-week range of $26.98 and $12.46.

Teck is one of Canada's largest mining companies with a diversified portfolio of mines.

The company's copper operations include the Quebrada Blanca and Carmen de Andacollo mines in Chile and the Antamina mine in Peru. Teck also has the Highland Valley Copper mine in British Columbia and Duck Pond operation in Newfoundland.

Teck is also one of the world's largest producers of zinc and a major producer of steelmaking coal with five coal mines in B.C. and another in Alberta.

Any deal would have required the approval by the families that control Teck and Antofagasta.

Teck is controlled through multiple voting shares by the Keevil family and Sumitomo Metal Mining Co. Ltd., while Antofagasta, listed on the London Stock Exchange, is controlled by Chile's Luksic family.

With files from The Canadian Press.