The miner said it generated lower sales through the ramp-up process in Q4 than previously anticipated, which impacted its financing requirements.

Tom Palmer pointed to artificial intelligence as a surprisingly large new source of copper demand.

About $1.5bn invested in energy transition-related projects are at risk through 2030, research from Bain & Company shows.

The combined company will be managed by the team that discovered and developed the Brucejack mine.

Novelis had planned to sell 45 million shares for $18 to $21 each, and Hindalco would have owned about 92.5% of the company after the IPO.

Stockpiles of the metal held in Shanghai Futures Exchange warehouses ended last week well above 300,000 tonnes.

Recent moves by cash-flush energy traders are raising tensions and sparking a scramble for contracts.