The miner estimates it will spend $1bn per year to bring Woodsmith into production by 2027, both a higher cost and longer timeframe than previously expected.
After making more money than ever in the last few years, some of the world’s top energy traders are using the cash to expand in metals and agriculture.
Commodity prices are always volatile, but in 2022 metal and mining markets reached new levels of turbulence, as the pandemic played out in China and the Ukraine war upended global energy.