Average annual production at Black Butte is estimated at approximately 23,000 tonnes of copper.

Higher prices should provide an incentive for miners to maximize output next year, potentially alleviating some of the strain on supply, said Freeport VP of Marketing Javier Targhetta.

The plan will support the government's beneficiation ambition in the metals industry, Fitch says.

Hudbay believes it should still meet its 2020 production and cost guidance.

The futures contract will launch on the Shanghai International Energy Exchange (INE) on Nov. 19.

Company sealed an agreement to buy Empire Metals' share in the Bolnisi copper/gold project for C$7-million.

Company anticipates production of 305,000-315,000 tonnes this year, while cautioning that a “high degree of operational uncertainty remains.”