Beijing has sought to develop its ties with the Taliban-run government since it took over in 2021, even though no other country has recognised the administration.

J&F, the family holding, emerged as the surprise buyer of Vale’s iron ore and manganese mines in the central west state of Mato Grosso do Sul.

The producer will spend $70 million to lift production at Gudai-Darri, its newest mine in Western Australia’s Pilbara region.

The firm produced 86.2 million metric tons of iron ore between July and September.

The company wants to reduce the disposal of such materials in dams or piles following major disasters.

Move will result in the loss of about 1,000 jobs, though it will keep its refinery and smelters open in North Queensland.

The company generates 70% of its profit through its iron ore operations.

China's central bank ramped up liquidity support to the banking system by conducting medium-term lending facility operations.