The Australian iron ore producer will now have 25.4% stake in the Canadian junior, which is advancing the Cañariaco copper project in Peru.

Ivanhoe Electric owns or holds stakes in nine electric metals developments across the US, including the Santa Cruz copper project in Arizona and its Tintic project in Utah.

Competition is becoming more fierce as supplies fall short of demand, forcing some automakers to change the way they source raw materials.

One of the world’s top copper mines is running out of storage space, raising the risk of slowing or halting production in another threat to global supply of the metal.

The agency in July had estimated a copper price of $3.95 per pound in 2023.

If successful in iron ore, the mandate of China's new centralised state buyer could be extended to lithium, copper and bauxite.

Cerro Verde, near the southwestern city of Arequipa, is experiencing holdups in transport of people, supplies and product.

US inflation was 7.1% over the 12 months to the end of November, dropping from 7.7% in October.