Prices of copper, considered to be an economic bellwether, rose by a quarter last year and are expected to continue their positive momentum in 2022 due to the metal's central role in the energy transition.

Mining stocks slid, with Fortescue down more than 4% from the previous week

“The most likely outcome is an environment where commodity prices can settle from the extraordinary highs of 2021. But there are plenty of risks to this outlook," says Wood Mackenzie.

The deal marks a positive development for Rio, which is reeling from Serbia's rejection last week of its proposed lithium mine as well as local opposition to projects in Ghana and the United States.

The world's fourth-largest iron ore miner said it shipped 47.5mt of the steel-making commodity in the December quarter.

A mobile infrastructure depth of 1.7 kilometers was achieved to enable the reestablishment of operations at a collapsed limestone mine and restore jobs.

Most of the Australian coal used by steelmakers that was being held at Chinese ports in the wake of Beijing’s import ban has now been cleared.

South32's metallurgical coal output was hurt by an extension of a longwall form of mining at its Illawarra project.