The study is due by the end of 2024 or early 2025.

East Star currently holds copper licenses on the Verkhuba deposit, which hosts a JORC-compliant exploration target of 19-23 million tonnes grading 1.4-1.9% copper equivalent.

Meanwhile, the Indonesian government said that EV producers shouldn't anticipate any significant recovery in prices.

Abitibi is advancing a plan to earn 80% of the project over seven years from Soquem.

Nickel prices plunged by around 45% last year, and dipped briefly below $16,000 a ton earlier this month.

A total of 18 critical mineral blocks, including tungsten, vanadium, cobalt and nickel, will be auctioned in eight states across the country.

The changes led by CEO Mike Henry will see several specialist teams disbanded and their functions reassigned in a bid to cut costs and simplify operations.

CEO Graham Kerr said the deal will streamline the company's portfolio and unlock capital to invest in development projects in copper and zinc.