It comes as Erdene amended its strategic alliance with the Mongolian Mining Corporation for the development of the Bayan Khundii project.

The Khoemacau copper mine in Botswana, owned by Canada's Cuprous Capital, has attracted the interest of as many as three Chinese companies with state ties.

With its JV partners now out of the picture, Paladin will work on defining a path forward for the project in Labrador, Canada.

The acquisition would mark the Chilean copper giant's first foray into the lithium space, as part of the country's new public-private model for the sector.

The Iron Ore Company of Canada, in which Rio has a 60% interest, is now expected to reach 9.3-9.8mt, down from the 10-11mt set in July.