Anil Agarwal supercharged his rise from scrap metals trader to billionaire commodities magnate by embracing bold acquisitions and lots of debt.

Authorities plan to award five copper exploration blocks by the end of June in Cordoba and La Guajira provinces.

BHP moves exploration team to Toronto to grow copper, nickel pipeline; Tesla gets involved in New Caledonia mine to secure nickel supply; Newmont to buy GT Gold for $311 million; Sibanye calls for mega-merger with AngloGold, Gold Fields

Mining executives view higher demand for the metal as an opportunity for the industry to improve its image.

For Freeport, the jump in copper prices is creating “a magical time” given it’s coinciding with the ramp-up of its Grasberg mine in Indonesia.

The company believes price of the red metal is likely to hover at $3 or more per pound.