The mining giant sees the potential to expand production capacity to about 500,000 tons of copper by 2028 mainly through improvements to its Salobo and Sossego mines in Brazil.

China has ramped up imports of copper scrap as smelters seek alternative raw materials to offset tight supplies of mined ore.

The copper producer has appointed Toralf Haag as its new chief executive.

Australia said it would provide A$2 million ($1.33 million) to Papua New Guinea to restore road access to the Porgera gold mine.

Vale sees potential copper output in 2026 between 387,000 tonnes and 424,000 tonnes.

The southern African nation, one of the top crude producers on the continent, has become a focus for the US in its campaign to secure critical minerals such as copper as it competes against China.

Trucks linked to artisan and illegal mining operations have been crowding vehicles from mines like Las Bambas, Constancia and Antapaccay.

The company announced earlier this week that it had reached an agreement with the union representing workers at the copper mine.