China’s grip on germanium gets challenged by new Congo plant

Cochilco also pegged its estimated 2024 copper price at an average of $3.65 a pound.

"The company has asked for more surface to operate and we have said no," said the deputy environment minister Diana Laguna.

The biggest new mine proposal is the Seabridge Gold KSM project in the province's northwest.

Copper rallied strongly in early January but prices lost momentum as Chinese markets closed on Jan. 20.

The miner said that the outlook for copper fundamentals in the medium- and long-term period remains favorable.

Production was affected by lower mill throughput at the Lihir mine and temporary suspension of operations at Brucejack.

French President Emmanuel Macron called for an EU package amounting to 2% of its economic output to rival the $370 billion US plan.

Gold output, estimated at about 1.8 million ounces, rose about 12.5% compared to 2022.

Chairman Maximo Pacheco said 77% of the reduction was due to problems with operations.