Serabi Gold noted it remains optimistic as there already are “a number of other groups keen to partner” with them.

Baatar's role in the expansion of Oyu Tolgoi and the $6.2bn Simandou iron ore project highlights his suitability for the post.

Regular monitoring has detected an increase in the chemical reactions that generate dangerous gases and a rise in the temperatures of the copper concentrate stored at the Cobre Panamá mine.

World’s 50 biggest miners had a combined market capitalization of just under $1.4 trillion, with losses at the very top offsetting a banner quarter for gold and copper stocks.