The rise was supported by a strong fourth quarter during which 34 million lb. of copper and 369,000 lb. of molybdenum were produced.

Talks for a Sudbury tie-up have been on and off since 2006.

Ivanhoe Electric is part of a growing number of international mining companies investing in Saudi Arabia.

Vale Base Metals plans to use Epiroc’s technology and digital advances in underground technology to remove employees from the rock face, production drilling areas, and ground support locations.

While the objectives of the demonstration were unclear, it’s the latest sign of the role played by resource nationalism in the shutdown of the Cobre Panama mine.

It produced 393,551 tonnes of the metal last year, an 18% increase from 2022, and it expects to churn out 440,000-490,000 tonnes this year.

Set to be the world’s largest new iron ore mine, the project will add around 5% to global seaborne supply when it comes on line.

A series of disappointments for the mining industry comes against the backdrop of weak commodity prices — although gold has been an exception.