Risk aversion is likely to leave major Western miners lagging in a race to tap Africa's reserves of critical raw materials.

The most liquid notes due in 2031 climbed $0.15 to $0.94 since hitting a low in November.

Zambia is seeking to restructure a $1.5 billion debt owed by Mopani Copper Mines to Glencore.

The firm produced 264,251 metric tons of copper over the quarter, down 2% from a year earlier.

The state fund will focus on cobalt, copper, lithium, silicon, rare earths projects, including in extraction, processing and recycling.

Vega Mining will acquire from the Nisga’a the rights to five existing annual benefit payment entitlements with projects in the Golden Triangle, in exchange for common shares in Vega’s capital.

Industrial metals have had a soft start to the year.