The first project is located at the Garpenberg zinc mine and will be initiated already during 2023.

CEO Peter Steenkamp is set to retire in December 2024.

CEO Mark Bristow said the copper increase plus its gold production was to boost total production to 6.8 million gold equivalent oz. by that date.

The update showed a significant inferred mineral resource of 1.4 billion tonnes at a copper-equivalent grade of 0.67%.

The updated PEA gives Gabbs an after-tax net present value with a 5% discount of $292.2 million and an internal rate of return of 17%.

The study, released Friday, drew mixed reactions from experts, mainly due to increased operating costs and cautious permitting approaches.

New bank lending in China beat expectations by nearly quadrupling in August from July as the central bank sought to shore up economic growth.