08:58 AM EDT, 07/12/2024 (MT Newswires) -- Rio Tinto (RIO) is evaluating Teck Resources ( TECK ) as a potential takeover target, Sky News reported Friday, citing sources.

The mining giant has drawn up detailed proposals and approached banks about financing a deal, the report said.

Teck Resources ( TECK ) is expected to be valued at over $30 billion, but it remains uncertain if Rio Tinto will make a formal offer, Sky News said. One person close to the company told Sky News it was not about to launch an offer soon but confirmed that Teck Resources ( TECK ) was on a list of possible targets.

Rio Tinto and Teck Resources ( TECK ) did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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