The proposal will take effect from November, valid until 2026.

The rise is thanks to the "optimal performance" of miner Marcobre, controlled by Peru's Minsur and Chile's Copec.

The group will raise its copper output in Democratic Republic of Congo to 600,000 metric tons next year.

China's copper imports declined 5% in August from a year earlier.

Prince Mohammed bin Salman is prepared to pour billions of dollars into tapping the more than $1.3 trillion of metals his government says is buried in the country.

Vale is exploring a copper mine, comparable to massive Grasberg site.

"Chile's new mining royalty law will not materially weaken the competitiveness of the country's copper mining sector, but it will increase taxes, modestly pressuring miners' cash flows," Fitch said.

The industry committee of the European Parliament will vote on its position on Thursday on the Critical Raw Materials Act.