Teck sees $3bn in annual EBITDA if copper stays around current levels

Meanwhile, it is still awaiting a new special mining permit for its operations beyond 2025.

Both Tianqi and Ganfeng said they’ll continue to acquire global reserves of the key battery material.

The Japanese firm has agreed to buy US Steel for roughly $15 billion but the deal faces an uphill battle for approval in a US election year.

Although Nornickel itself and its metals are not a target of Western sanctions some consumers are voluntarily shunning deals for its metals and of products made from Russian raw materials.

The delay underscores the challenges that companies face as Canada's diamond mines come to the end of their productive lives.

Last June, the commodity trading giant made its first investment in the critical minerals explorer.

The talks included topics such as the potential for state-run Jiangxi Copper to gain influence on First Quantum's board decisions.

Nornickel's 2023 net profit and revenue declined due to low metal prices.

The company has been juggling four large investments at its aging operations after decades of underinvestment.