Analysts are cautious that China's recovery may not live up to bullish expectations and that prices have got ahead of themselves.

"The number of folks talking about JVs and onshoring is very different than even just a couple of years ago,” said DOE Chelsea Sexton.

The country has offered the US car maker incentives ranging from tax breaks to a concession to mine nickel.

Copper production fell 12% in 2022, impacted by issues at its Katanga mine in the DRC.

Vale blamed seasonally higher rainfall levels in its mines in Brazil for missing its forecast.

The project has been on a roller coaster for the past 15 years.

Total refined zinc output was 248,900 tonnes, below the lower guidance number of 257,000 tonnes.

The copper smelter, located in the southern state of Tamil Nadu, accounted for almost 40% of the metal’s production in the country.