Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in the country.
"Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said.
The company intends to develop a high-margin, long-life, large-scale and low-carbon mine. It will produce a 60% nickel concentrate for direct feed into the stainless steel industry.