The prospect of a wave of supply being met by insufficient conversion capacity is being reflected in a surge in fees.

Company reported a nearly sevenfold year-on-year increase in third-quarter profit.

B2Gold Corp currently accounts for the bulk of reserves.

The amount of tonnes of ore extracted from the earth in a day is vast at the world’s largest mines — owned and operated by the majors of the industry.

Aurubis had previously said it wanted the LME to impose an immediate ban on Russian metal due to risk of warehouses filling up.

The charges, paid by miners to smelters to process ore into refined metal, are the highest since 2017 and 35% higher than the 2022 benchmark.

Surplus will have evaporated by the end of the decade, BHP's Chief Development Officer Johan van Jaarsveld said.