Barrick says the window has closed on a potential deal with Freeport-McMoRan.

The new United States administration seems in no rush to lift the aluminum and steel tariffs imposed by Donald Trump in 2018.

Metal on the LME are close to $25,550 a tonne, the highest since February 2012, after a gain of 24% so far this year.

CEO Jakob Stausholm said the copper mine expansion would yield a “big win-win” for both the country and the miner.

Australian miner posted a slight increase in half-year profit, and said a strong recovery in demand for key commodities outside China early this year has put the company on track for solid growth.

Average realized price for copper jumped about 26% to $3.42 per pound, while sales stood at 80,000 tonnes compared with 75,000 tonnes a year earlier.