Consultancy Roskill estimates most new greenfield nickel projects would need prices at $22,000 a tonne or above.

Gold has surged 19% this year as the trade war flared up, bond markets signaled that a US recession may be on the horizon, and the Federal Reserve cut rates.

Australia produced an all-time high of 10.3 million oz. in the most recent fiscal year.

Zhaojin has also been linked with a takeover of Russian miner GV Gold.

Major resources such as crude oil or rare earths will still be subject to a fixed tax rate set by the central government.

A 5% levy will also be imposed on crude oil starting next month. Last year, Beijing removed crude from a list of goods targeted for tariffs, signaling the importance of American oil in the global market.

Sources said those measures had possibly been designed to reduce capital outflows and bolster the yuan.