The Chilean state behemoth struggles to maintain its status as the world’s top copper supplier.

The net proceeds will be used primarily for exploration and infill drilling at the project and for regional exploration.

Spot prices for copper and aluminum in London have moved to sharply deeper discounts to the three-month contract this week.

Before Monday’s bankruptcy filing, Nevada Copper had attracted two bidders though it failed to close a deal with either one.

The company isn’t under pressure to follow rivals like BHP in seeking acquisitions, and will instead focus on innovation to grow production and lower costs, CEO Kathleen Quirk said.

Ivanhoe Mines has achieved first concentrate production at the Kamoa-Kakula operation’s Phase 3 concentrator.

One hole returned 29.6 metres grading 4% zinc, 6.6% lead, 78 grams silver per tonne and 0.15% copper from 283.4 metres depth.