The deal with the Liberian government provides High Power Exploration Inc. with an outlet for its Nimba concession.

The project, expected to start producing in two years, will produce 150,000 ounces a year of PGMs in concentrate in its first phase.

The deal comes as uranium prices nearly doubled last year amid a global push for renewable power.

Tenke is one of the world’s most important sources of cobalt, a mineral used in electric car batteries.

High shipping costs have posed a "challenge" for Democratic Republic of Congo-focused copper producer.

Russia’s attack on Ukraine has given the project fresh impetus as Europe seeks to find new energy sources to starve Russia of funds to fuel the war.

Guinea's mines minister has said the railway and port infrastructure must be completed by 2024, and commercial production must start by 2025.