Revenue jumped nearly 70% to A$202.7 million ($145.56 million) for the December quarter.

The turmoil is the latest example of acute supply stress in global metals markets, and represents the third time in 12 months that the LME has stepped in to increase monitoring.

The Future Minerals Forum recently heard Saudi Arabia is looking to invest its massive capital potential to not only develop its industry, from exploration to downstream battery metal processing.

Nickel prices touched $22,935 a tonne on Friday, the highest since 2011.

A senior cabinet minister said in a statement the ban implemented on Jan. 1 had been eased for miners that have met a requirement to sell a portion of their output for local power generation.

Indonesia has played a key role in global markets as a bulk materials supplier, but President Joko Widodo has pledged to eventually stop exports of all raw commodities to turn the country into a major manufacturing hub for electric transportation.

The expected drop in consumption comes after sales rebounded in the second half of 2021.

The pact to explore business opportunities, under which both will invest about $5 billion, covers industries such as renewable energy, hydrogen, and logistics.