Over the next 20 years, the new enterprise will restore and protect 4 million ha of native forests in some of Brazil’s most valuable ecosystems.

The deal will be the first completed under a framework created by the Group of 20 major economies and the Paris Club in late 2020 to help poor countries weather the covid pandemic.

Chinese firms have been involved in 89 announced acquisitions and investments in Canadian metals and mining companies in the past decade, according to Bloomberg data.

Hindalco’s costs surged 24% during the quarter, with power expenses almost doubling.

Rio has struggled to win investor support for the Turquoise Hill deal, forcing it to offer unusual terms to the most stubborn holdouts which appeared to be enough to close the deal.

The government has said it is entitled to increase its revenue share from the block by 10%, having recently extended the contract for the Barmer asset by 10 years.

ArcelorMittal said it had cut its gas consumption in Europe by 30% in a bid to counter surging energy prices.

Clean energy contract will mitigate about 1.6 million tonnes of annual greenhouse gas emissions, equivalent to removing over 340,000 combustion engine passenger vehicles from the road.