The stock ignored news from Zambia where President Edgar Lungu said he would not allow the firm to lay off workers at its Mopani Copper Mine, as it mothballs it for 18 months.
The drastic move makes of Codelco the mining company that has let go the highest amount of workers in Chile since copper prices began their decline over a year ago.
The Gold Report reached out to experts who have been around through enough cycles to know and asked for the clues they watch that an acquisition might be imminent