Mexico's top copper miner reported annual revenues of $14.78 billion and a net profit of $3.87 billion.

US Metal mine production was valued at $33.8bn, 23% higher than in 2020.

The proposal would still face a vote from the full assembly to be included in the final draft text, which would itself go before a national referendum vote later this year.

Copper prices are set to languish this year, a Reuters poll of analysts showed, weighed down by weaker demand as rising interest rates curb economic growth.

A proposal that opens the door to nationalizing some of the biggest copper and lithium mines in the world was approved in first instance.

Market balances are expected to shift from supply deficit towards surplus in 2023 as production recovers and demand cools, Andy Home says.