The pivot comes as the firm recovers from a record loss last year, ending a three-year winning streak.

The KCM assets have also attracted interest from other investors, said Vedanta's chief executive for base metals.

The MVDP is expected to enable the mine to process 236 million tonnes of copper sulphide reserves over a life of 20 years.

The government announced the first licensing round for seabed minerals on the Norwegian continental shelf for public consultation.

Two native village corporations had sued the Environmental Protection Agency for its veto against the proposed mine.

The metal has shed 14% since rocketing to a record above $11,000 a ton in May.

News comes years after the Ministry of Energy and Mines first ordered a now-bankrupt junior to clean up an acid rock drainage problem at the mine near Atlin, British Columbia.

Rising global exchange stocks of copper have damped bullish spirits.