Copper smelters in China are maintaining production at near-record levels.

Such an outflow, if a deal goes ahead, could weaken the rand.

Anglo American was encouraged by key shareholders to continue engaging in talks with BHP over its proposed $49.18 billion mining merger.

The metal has risen almost 20% this year, reaching a record $11,000 per tonne this week.

The net proceeds will be used by Hudbay to accelerate mine pre-stripping activities and mill optimization initiatives at Copper Mountain.

Of the investors that Bloomberg spoke to this week, some suggested that BHP should provide a commitment to cover any lost value suffered by the subsidiaries’ new owners.

Aris is starting a pre-feasibility study for the new development plan, which it expects to complete by early 2025.