2022 was the first year when investment in decarbonizing energy surpassed $1 trillion.

Likely output of the red metal will peak at some 7.14 million tonnes in 2030, two years later than anticipated.

Cochilco also pegged its estimated 2024 copper price at an average of $3.65 a pound.

Nickel volumes on the LME crashed 28% last year from 2021.

"The company has asked for more surface to operate and we have said no," said the deputy environment minister Diana Laguna.

The biggest new mine proposal is the Seabridge Gold KSM project in the province's northwest.

The project, located in northern Mexico, is forecast to produce 33 million tonnes of silver-equivalent over an 18-year mine life.

The EU is due to unveil its Critical Raw Materials Act on March 8 to secure the bloc's supply of critical raw materials.