Codelco's production has slumped to its lowest level in 25 years due to operational problems and delays in its expansion projects.

Prices rose as much as 3.6% on the London Metal Exchange.

Once developed and approved, the Upper Calliope solar farm will have the potential to cut down Rio's operating carbon emissions by 1.8 million tonnes per year.

The drill program was following up on the 2022 discovery hole, which returned 0.13% coper over 345.5 metre.

Lumwana will have a projected annual production of around 240,000 tonnes per year over a 30-plus-year life.

This represents a 40% improvement over the figure in 2021 and 46.3% higher than the C$12.3 billion reported for 2018.

The criminal scam cost the copper producer about €169 million last year.