Shares hit their lowest point since March 2020 after the miner unveiled plans to drastically cut the amount of commodities it mines.

There is still no date for the negotiations to resume as the companies have refused to submit a new proposal.

"The last thing we need is very big M&A, because it's very disruptive and it takes you off course," CEO Jakob Stausholm said.

Rio owns two of four Simandou mining blocks as part of its Simfer joint venture with China's Chalco Iron Ore Holdings and the government of Guinea.

“The rule of the economics are going to drive the price, the rule meaning supply and demand,” said Vale CEO Bartolomeo.

Nickel production was estimated at 160,000 to 175,000 tons next year, against some 165,000 tons in 2023.

Rhodes Ridge is one of the world’s best undeveloped iron ore deposits.

The only potential obstacle to higher prices is the possibility of stronger interventions by Beijing.