Twelve million people now employed in the renewable energy sector – report

State-owned miner Inalum said the $3.85 billion deal is still subject to the issue of environmental recommendations and a special mining permit (IUPK) by the Indonesian government.

The copper market is currently experiencing a squeeze on physical metal which is unexpected.

Steel demand expected to rise by 3.9% in 2018, but trade tensions are clouding global economic outlook.

CEO Fabio Schvartsman said the company would only invest further in nickel if global prices for the metal rise from $13,000 per tonne currently to around $20,000 per tonne.

First production from the $5.3 billion underground expansion of Oyu Tolgoi was originally scheduled for early 2020.

The goal is to reduce reliance on batteries from Asia, particularly China and South Korea.

Indonesia said industry association APRALEX had applied for safeguard measures, which can be used to protect a country's producers.

Deputy Minister Fuziah Salleh, a long-standing critic of Lynas’ plant, offered to step down from the committee reviewing the facility following criticism that she would not be impartial.

Atalaya Mining produced 166,000 tonnes of copper concentrate in 2017 and has a market capitalization of 327 million pounds ($433 million).