Under a new supply deal signed with Freeport-McMoRan, major Chinese smelters have accepted the lowest processing fees to turn mined ore into finished metal seen since 2011.

Freeport-McMoRan and three Chinese copper smelters have agreed a 23% cut in annual treatment and refining charges.

Operations at the mine are now expected to be underway by early December and it will eventually produce 12 million tonnes of bauxite a year.

Western powers will attend talks in Brussels next week on curbing China's dominance of rare earths and other critical resources and EU officials will present their vision to create entire green supply chains.

The quota for six dominant producers, including China Northern Rare Earth Group High-Tech Co., was set at 132,000 tons for 2019.