Net profit is now forecast at $373 million for the year to March 31, 2024, up from May guidance of $290 million.

Is gold an inflation hedge?

The United States is keen to secure sources beyond its main global rival, China, which last year accounted for more than 70% of world rare earth production.

Regulatory concerns over the project have been reduced to almost zero, CEO said.

Company has obtained a license to ship copper concentrate from its Indonesian operation until May 2024.

The shares will be sold to MIND ID, Indonesia's state mining holding company.

Aneka Tambang, Indonesia Battery Corporation and a consortium led by LG are building the facility as part of a $9.8 billion “grand package” to build battery production onshore.

The world’s third-biggest steel firm has seen its shares fall almost 8% in August after a surge in July.