Chile's state miner posted a copper output of 633,000 metric tons over January to June, down 14% from a year earlier.

Miners routinely seek to seal early contract negotiations to avoid the risk of strikes at their operations.

Vale announced deals to sell a 13% stake in the business for $3.4 billion to Saudi Arabia's Ma'aden and US firm Engine No. 1.

The London Metal Exchange is coming under renewed pressure to exclude Russian aluminum from its warehouse system.

The company reported on Thursday a 38% rise in second-quarter net profit on higher copper sales.

Vale posted net income of $892 million, while analysts polled by Refinitiv had forecast a profit of $2.21 billion.

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".

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

The lithium industry in Africa's top producer has rapidly expanded, buoyed by about $1 billion of investments during the past two years by Chinese companies.

The company plans to start producing 50,000 metric tons of graphite next year in Mozambique.

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

The world's fourth-largest iron ore miner expects to ship between 192 million metric tonnes (Mt) and 197 Mt of the steel-making commodity in the year.