The plans for the project, which has a capacity of 14 million tonnes per year and a lifespan of 29 years, have been revised to reduce its environmental impact.

"Prices are up over 230% year to date, really around a lack of available material," said Benchmark Mineral Intelligence.

The industry is planning 3,900 megawatts of solar, wind and battery energy projects.

The 500,000-tonne-per-year direct-to-blister plant will be the largest copper smelter in Africa.

The merger of BHP’s oil and gas portfolio with Woodside will create a global top 10 independent energy company by production and the largest energy company listed on the ASX.

The decision to investigate the proposed demerger was set into motion by a complaint from Odey Asset Management.