Anglo American shares surged 7.8% in London after UBS upgraded its rating from neutral to buy.

Congo's State mining group said it will push to secure the rights to buy copper and cobalt at mines it has holdings in.

The new investor is also expected to "reset" Mopani's existing relationship with Glencore, ZCCM said.

Miners on Friday reached agreements with Chinese smelters for a lower copper concentrate treatment and refining charges for 2024.

Carlos Alvarado will be replaced by Cristobal Fuenzalida a current marketing manager at Codelco.

The expectation for a looser market in the near term has been reflected in copper prices.

The company is facing an estimated $625 million in debt maturities next year and another $1.8 billion in 2025.

“This is a source of income for more than 40,000 households, and we don’t have a response as to what is going to happen to us,” union leader Michael Camacho told reporters.