Newmont is widely expected by sector executives to sell the two Newcrest-operated mines in Western Australia.

Production at 21 smelters with a total capacity of 320,000 metric tons was at 13,428 metric tons last month.

The Storm copper project on Somerset Island, Nunavut, has been the focus of intensive exploration efforts.

"The problem is that, in the gold industry, most of the tier one assets remaining are embedded in bad assets. And you can’t unlock them,” Bristow says.

Data from the US Geological Survey suggests global copper reserves will fall short by 80%, global nickel reserves by 90%, and cobalt by around 96%.

Copper output was hit earlier this year after nationwide protests, but mining conglomerate Grupo Mexico has been upbeat.

The US is 100% reliant on imports for at least 12 key minerals deemed critical by the government.