The reforms would require miners to give back at least 10% of profits to communities and disclose the impacts of their operations.

In February, the company was forced to stop operations at Grasberg after the mine was hit by floods.

The miner reiterated its annual forecast of 278 to 290 Mt for Western Australian iron ore output.

Demand for copper to build most electronic devices will exceed supply over the next decade and imperil climate targets unless dozens of new mines are built, analysts say.

The company seeks to counteract a drop in ore grades with "structural projects" and maintain production levels.

Ivan Arriagada said fears of a global recession remain, but he expect a "soft landing" as long as Chinese demand held up.

Mining deals with any Canadian involvement hit $29.5 billion in the first few weeks of the second quarter of this year.