Glencore subsidiary Mopani announced the shaft closures on Thursday in a move that an opposition leader said had led to 1,400 job losses.

Cobalt, copper, nickel and lithium are expected to see increasing demand from the EV trade in the years ahead.

Barrick is separately working with advisers at Scotiabank to find a buyer for its Massawa gold project in Senegal.

Glencore's Mopani Copper Mines in Zambia has closed two shafts at its Nkana mine.

The battery metal that was supposed to power Glencore's earnings has rapidly turned into a liability.

Consistent performance from platinum group metal operations helped to offset disruption at the group's gold mines.

But Fitch analysts remain positive on both lithium and cobalt and expect prices to recover, as EV demand for both metals catches up to supply.