The approval comes after extended negotiations over regulations concerning the Cobre Panama copper mine, which accounts for about 4% of Panama's GDP.

Fitch Solutions is revising down its 2023 average annual copper price forecast as US dollar strength and market fears of another US Fed rate hike places a cap on price growth.

In the last few months, Citi requested delivery of about 100,000 tons of aluminum and 40,000 tons of zinc — worth over $300 million.

Freeport has a temporary exemption from a nationwide ban on exports of mined copper, but it faces a cliff-edge scenario in May.

China's largest copper buyers expect to pay a premium of around $90 per metric ton next year.

Vale is not seeking new partners for its Base Metals unit following a recent equity sale, CEO said.

Prices for zinc are down 16% so far this year following last year's slump in demand from China.