When it comes to copper, big miners and metals traders are warning that in just a couple of years’ time, a massive shortfall will emerge.

"Now copper has broken below $7,475 a tonne, traders will be eyeing the $6,955 20-month low touched on July 15," said Saxo Bank head of commodity strategy Ole Hansen.

The approval comes a week after people familiar with the matter said OZ Minerals was seeking about A$10 billion in a potential sale to BHP.

Glencore, which owned Mopani until March 2021, is prepared to lend up to $ 100 million as a short-term cash injection to Zambia's copper mine.

Shares of Talon Metals closed 5.2% higher on the TSX following the new drill results.

Seabridge Gold was recognized for its work at the past-producing Johnny Mountain gold mine that operated in the late 1980s.