The project, called Electro Mobility Materials Europe (EMME), aims to cover 20-30% of France's nickel and cobalt needs for electric vehicles by 2030.

According to Max, the Cesar project is host to one of the world's largest underexplored sedimentary copper-silver systems.

Anglo American stated that the new offer was "highly unattractive" for its shareholders.

Australia’s critical minerals industry is a major part of the government’s push to capitalize on the worldwide green energy revolution.

Anglo shareholders have been urging the company to explain how it would create more value than by just selling to the rival.

Sibanye CEO Neal Froneman said in the update that declining earnings could impact the company's debt covenants.