The oil market is bigger than the 10 largest metal markets combined, with production value exceeding $2 trillion annually.

The LME index of base metals has sunk from a January high of 4,356 to 3,704.

The South Korean firm aims in the to grab a 30% share of the global market for copper foil, a key component in EV batteries.

The company was recently authorized to restart drilling at Vizcachitas after fulfilling conditions laid out by an environmental court.

China’s Zijin Mining, Norinco Group, Sibanye Stillwater and an investment vehicle owned by ex-Glencore officials are shortlisted to buy Mopani.

"There is no end in sight in the near future to the gloomy sentiment surrounding China's economic recovery," Commerzbank said.

Its financial losses widened to $298 million from $74.2 million in 2021.