Portugal already has the largest copper mine in the European Union, operated by Lundin Mining.

Oversupply and weak prices of materials such as lithium, cobalt and rare earths are dampening cash flows of Western start-ups.

The short-term deal is to ship 100,000 dry metric tonnes of spodumene concentrate to Beijing Sinomine over 10 months.

There was a similar boom-bust cycle in 2016-2017 but the difference this time is that no-one seems to be expecting a speedy recovery.

Gecamines has requested bids for the firm’s portion of cobalt output from CMOC Group’s giant Tenke Fungurume mine.

Lithium price has tumbled by more than 80% since the beginning of 2023.

Nornickel will re-launch one of the two furnaces at its flagship Nadezhda Smelter in early August.

The IRA requires a certain percentage of the critical metals in the battery come from the US or a country with which it has a free trade agreement.