Last month, the US government approved $150 million of funding for a graphite project in Mozambique.

After just missing out on succeeding Ivan Glasenberg at Glencore, Kenny Ives is now running the trading arm of CMOC Group.

In late September, the union's members rejected a proposal from the company, prompting government mediation to avoid a work stoppage.

Both the companies expect the deal to close in early November, Newmont said.

Russian copper exports to China and expectations of surpluses have emboldened Chinese buyers to try and dictate how much they will pay Codelco for the industrial metal next year.

A flurry of copper mining deals are being lined up for the next six to 12 months, industry sources told Reuters.

The fresh funds may give McEwen Copper more breathing space before going public.

The Institute for Energy Economics and Financial Analysis examined five miners with goals to become carbon neutral by 2050 — and found varying degrees of purpose in meeting that target.