The president of the National Mining Society said in a statement the project was technically sound.

China's state planner issued its third warning this month against excessive speculation.

The rupture of the structure unleashed a giant wave of mud that killed 270 people.

Chile's top court turned down appeals filed by communities and environmentalists against the mining project last May.

The miner, which looks set to keep its position as the world's biggest iron ore producer, said the Gudai-Darri mine is expected to reach its nameplate capacity on a sustained basis during 2023.

Jeff Currie sees parallels with the record run-up in commodities prices from 2007 to 2008.

The market narrative for China's appetite for commodities has moved on from what was a soft 2022 to expectations of a strong 2023.

Iron ore futures jumped almost 60% from the end of October through last Friday.