The proceed will be used to refinance Inalum's maturing $1 billion debt.

Fitch has revised down 2020 copper consumption growth forecasts for China and the US.

Senators said neither the Phase 1 trade deal with China, nor Trump’s separate 10% tariffs imposed on aluminum imports in 2018 had solved the underlying problem.

The plant said its supplies of bauxite had fallen to critical levels and may soon be unable to maintain production on a four-day week basis.

The funds will be used to cover interests on bank loans taken out for the one-year stockpiling drive, which will include copper, aluminium, lead, zinc, tin, among others.

Company forecast in January that global supply would exceed demand by as much as 1 million metric tonnes this year.