The deal has also cleared competition regulators in Vietnam and Brazil.

Glencore Chief Executive Gary Nagle is flying to Toronto to meet with some Teck shareholders on Thursday to personally lobby them to support the deal.

Macquarie analysts upgraded their Newcrest share price target by 18% on the back of the sweetened Newmont offer.

Copper stocks in LME warehouses, at 56,800 tonnes, have fallen by more than 25% since the middle of March.

Ecuador has abundant mineral reserves but has lagged behind regional neighbors such as Peru and Chile in large-scale mining development.

Both deals — if completed — would rank among the top 10 biggest takeovers of metals producers.

World’s top 50 mining companies build on gains in the first quarter of 2023, but remain well below valuations this time last year as M&A fever grips the sector.

China signaling weak activity capped gains as the market looked ahead to the US inflation.