The falling charges have threatened to cut output in the world's top producer of refined copper.

Iron ore magnate Andrew Forrest said recently the LME should classify its nickel contracts into "clean" and "dirty" to give customers more choice.

Cheap Indonesian nickel, controlled by China and dumped on the market, has collapsed nickel prices and forced global mine closures.

The company has been under pressure to strengthen its balance sheet and raise cash after its flagship copper mine in Panama was shuttered.

The countries have agreed to promote shared priorities related to the extraction, processing and refining of critical minerals.

London's gold price benchmark hit an all-time high of $2,098.05/oz on Monday, surpassing the previous record set on Dec. 28.

The closure of the Cobre Panama mine entails the permanent loss of approximately 0.6% of GDP in fiscal revenues and 7.5% of exports of goods and services.

Iron ore behemoth Fortescue is tipped for the greatest earnings slowdown over the next year compared with peers.