Six new large mines need to come online annually by 2050 to meet global copper demand – study

US Steel Corp has agreed to be bought by Japan's Nippon Steel for $14.9 billion.

Funds that specialize in metals have been more cautious than other speculators on the rally that sent copper prices to a 22-month peak this week.

The Biden administration is also pressuring neighboring Mexico to prohibit China from selling its metal products to the United States indirectly from there.

The $700 million facility will have an initial capacity of 90,000 metric tons per year.

Bullion has gained about 16% so far this year and more than $500 since October.

The precious metal remains in a weeks-long uptrend as investors seek safety amid growing geopolitical tensions.

The Ambler project sought to open a remote area rich in copper, zinc and lead and could yield deposits of rare earths.

The Arizona mine would, if developed, over its life produce more than 40 billion pounds of copper and supply more than a quarter of US demand.

McEwen currently owns around 3.3% of the company.