Simply put, electrification doesn’t happen without copper, the heartbeat of the global energy economy.

The shutdown has reinforced downward pressure on the country's 'BBB-' rating and its deficit forecast, the agency said.

Pre-production capital used for initial mine development, first process plant module and infrastructure is now estimated at $1.55 billion.

The Canadian miner has not yet earned a stake in African Pioneer Zambia, the company that holds the copper licences.

Prices climbed as much as 1.5% to trade above $8,300 a ton on the London Metal Exchange on Thursday.

The industry saw a significant rise in M&A activity across metals and mining companies in 2023 driven by the global energy transition, a theme Fitch Solutions expects to continue.

The government will sell rights to about 20 blocks of land to explore for critical metals.

The metal in question is copper produced at the giant Grasberg mine in Indonesia.