The company attributed weak Q1 results to heavy rains, unplanned outages, regulatory delays linked to last year’s dam failure, and ongoing disruptions caused by the coronavirus.

GlobalData reported the progress of 35 mines under construction globally was disrupted due to lockdowns.

After years of buying at the peak of the economic cycle and selling in the trough, the world’s big diggers could do the reverse.

The move comes after a spill at a molybdenum mine in March contaminated water supplies for the northeastern province of Heilongjiang.

The company won't meet its previous production guidance of 530,000-570,000 tonnes.