US faces tough choices in 2022 on mines for electric vehicle metals

The buyback represents a shift for Anglo, which has been focused on repairing its bruised balance sheet and investing in growth.

Volcan was Anglo American's biggest shareholder, with a nearly 20% stake.

The Chinese firm already had a roughly 45% indirect interest in IXM, formerly the metals business of trading house Louis Dreyfus.

The Vancouver-based company said adjusted profit fell to C$459 million in the second quarter, from C$653 million in the year-ago period.

Renewable energy supplied by Enel Chile will power Anglo American's flagship Los Bronces copper mine.

Disappointing earnings were driven mainly by its construction division.

Benchmark copper on the London Metal Exchange was up 0.4% at $5,991 a tonne by 0954 GMT.

Freeport reported a second-quarter net loss of $72 million, or 5 cents per share, after earning a net profit of $869 million, or 59 cents per share, a year earlier.

Improved ore grades at its Centinela mine also boosted second quarter production.