In its quarterly report, the company said that part of its Los Chancas project "continues to be occupied by illegal miners"In its quarterly report, the company said that part of its Los Chancas project "continues to be occupied by illegal miners".

Vale Base Metals is expected to invest $25-30 billion in new projects across Brazil, Canada and Indonesia over the next decade.

The company is targeting total copper recoveries in the mid-nineties from this breakthrough.

The company said a new zone of structurally hosted high-grade copper-gold-silver mineralization was discovered east of the West zone.

Analysts have pared price forecasts for the metal as supply expands while demand in China remains muted.

Minister Madeleine King said the government would prioritise support for critical minerals projects that underpin key technologies such as battery chemicals.

Alaska said the restrictions violate the state’s sovereign right to regulate its lands and waters.