Copper jumps 2.7pc on cautious demand

Production rose because of supply chain improvements, with a record amount of iron ore delivered from the Central Pilbara hub.

Premiums for gold traded on the US-based Comex over the London spot market halved following the news report, to around $20 an ounce.

The Mazoon copper project represents a cornerstone of Oman’s mining sector.

Barrick holds a 50% interest in Zaldívar, a joint venture with Antofagasta, which produced about 80,000 tonnes of copper last year.