The metal rose as much as 1.2% on Friday, tracking a rally in European and Chinese stock markets.

Congo's State mining group said it will push to secure the rights to buy copper and cobalt at mines it has holdings in.

The new investor is also expected to "reset" Mopani's existing relationship with Glencore, ZCCM said.

Miners on Friday reached agreements with Chinese smelters for a lower copper concentrate treatment and refining charges for 2024.

The proposed refinery, which is located near Perth, Western Australia, will see a large-scale demonstration plant for test work of third-party material.

Carlos Alvarado will be replaced by Cristobal Fuenzalida a current marketing manager at Codelco.

Jorge Rivera has been named the replacement.