Deal avoids a lengthy, costly, and uncertain legal undertaking, as both companies hold claims to the same ground, but in different provinces. 

Vale Base Metals chairman Mark Cutifani is undertaking a unit-wide asset review.

The country also announced a $182 million mineral exploration incentive program.

The tin market's fortunes remain beholden to Myanmar's United Wa State Army, which controls one of the world's largest mines.

Ivanhoe Electric is part of a growing number of international mining companies investing in Saudi Arabia.

India's coal production is expected to reach 1.5 billion tons by 2030.

The discount hit a record high of $108 a metric ton on Jan. 8.

The country derives a quarter of its gross domestic product and 90% of exports from mining.