Anglo American was encouraged by key shareholders to continue engaging in talks with BHP over its proposed $49.18 billion mining merger.

The metal has risen almost 20% this year, reaching a record $11,000 per tonne this week.

The net proceeds will be used by Hudbay to accelerate mine pre-stripping activities and mill optimization initiatives at Copper Mountain.

Of the investors that Bloomberg spoke to this week, some suggested that BHP should provide a commitment to cover any lost value suffered by the subsidiaries’ new owners.

Aris is starting a pre-feasibility study for the new development plan, which it expects to complete by early 2025.

Weak spot demand, robust imports and rising domestic output have combined to keep China's exchange inventories high.

The metal surged to an all-time high above $11,000 a ton on Monday, followed by a slump of 4.1% on Wednesday.