Initial assessments indicate a potential inclusion of approximately 17.5 million tonnes of mineralized material from the Roger deposit into Opemiska's open pit development strategy.

LME-registered warehouses in the city currently hold 49% of all the light metal sitting in the exchange's global warehouse network.

Shares of PT Amman Mineral International are up 153% since their debut on July 7.

The company said a competitive process to determine a successful bidder is under way.

The company wants to grow its annual mined metal output to 1.5 million tons, from around 1 million tons now.

This follows another job cut announcement 10 days earlier, when Codelco said it would trim 10% of staff.

Inflationary pressure is coming from lower ore quality, which means more rock has to be crushed to extract the same amount of metal.