Shutdowns of European smelters due to high power prices have been a key reason behind low LME stocks.

Lower ore grades and drought in Chile continued to hurt production.

Chile's top court turned down appeals filed by communities and environmentalists against the mining project last May.

The partnership would build a hydro-metallurgical complex with an output capacity of 67,000 tonnes of nickel and 7,500 tonnes of cobalt per year.

The company will also look to collaborate with Tsingshan Group.

The PFS will mark the culmination of the extensive de-risking and optimization program that has been undertaken since the issuance of the 2020 PEA.

China's economy grew 3% last year, one of the weakest annual growth figures in nearly half a century.

Copper stocks in LME registered warehouses stand at 83,325 tonnes are already low.