Title held for seventh consecutive year.

Rajo Inca, which is more than 60% built, is set to formally kick off operations next year.

The incident occurred on a concession belonging to a subsidiary of Chinese state miner Zijin Mining.

The stock sank as much as 25% in Johannesburg, wiping out about 15.2 billion rand ($824 million) of its market value.

The board had approved special remuneration payments of A$1.98 million to former chief executive Elizabeth Gaines and A$1 million to CFO Ian Wells.

The demolition is part of the broader closure program at Rio Tinto’s Gove Operations, , where bauxite mining is expected to cease later this decade.

About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix.

MMG has been hunting for copper assets for more than a year, amid a surge in demand for the metal needed in green energy transition.