Company said it would scale back copper processing by 40%.

Rio can earn up to a 75% interest in the Solwezi licences, located next to First Quantum's Kansanshi mine.

More than 8 miles of underground development is now completed, 3 miles ahead of schedule.

Company registered a net loss of $369.2 million during Q1.

The funds will be used to cover interests on bank loans taken out for the one-year stockpiling drive, which will include copper, aluminium, lead, zinc, tin, among others.

Resilience and better financial positions built over past years will shield miners, Fitch says.