Pacheco was responding to a report last month from copper studies center CESCO that said if production promises are not met, high levels of debt could lead to insolvency.

Market, however, will maintain a deficit, according to a report from the Chilean state agency.

Shares surged by 15% after the company announced that it is reviewing a number of strategic approaches, marking the latest sign of rampant dealmaking in the sector.

Minsur plans to track about 29,000 metric tons of tin a year, including its production in Brazil.

The miner employs more than 1,100 workers in the South American country.

The update showed a significant inferred mineral resource of 1.4 billion tonnes at a copper-equivalent grade of 0.67%.

Gold production hit 19,406 ounces in August, a 24% increase over the average gold production rate for the initial seven months of 2023.