Hancock Prospecting reported a A$4 billion ($2.9bn) net profit after tax for financial 2020, a 56% improvement from the A$2.6 billion logged last year.

The government has identified key steps it needs to take before opening the planned diamond exchange by the end of next year.

The Phalaborwa rare earths project contains about 35 million tonnes of gypsum resulting from historic phosphate hard rock mining.

Shares of Nevada Copper plunged 18.7% following the latest operational update.

The mine was the world's largest by volume and the main global source of high-quality pink diamonds.

The company said the union had received the offer and must vote on it by November 4.