China has been looking to raise the usage of recycled metals as part of an efforts to lower carbon emission.

First-half net profit could reach up to $2.13 billion, up 50% year on year, the company said.

Foreign takeovers of mining companies have been a touchy topic ever since a wave of deals 18 years ago took out some of the country’s biggest players.

Teck Resources spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business.

Vedanta will still need to raise an additional $1 billion revive the mining operations at KCM.

August futures on Comex on Friday climbed to a five-week high of $4.6965 a pound or $10,354 a metric ton.

Longer term, the metal has a chance to reach $12,000 due to the onset of rate cuts.

The company currently owns Indonesia's second-largest copper and gold mine.