The Constitutional Court's verdict is considered a victory for companies seeking to exploit some of the world’s largest untapped copper reserves.

Nickel is defying both the general macroeconomic concerns weighing on other industrial metals and signs its own internal dynamics are weakening.

The country's Constitutional Court has rejected calls for a referendum, which could have halted the miner's flagship Cascabel and other projects.

Company had to halt mining and processing at Youga last week over disagreements between workers and a proposed open pit mining contractor.

Court doubled the fine applied against the company to 200,000 Real ($52K) for each day it kept the nickel complex open, despite a February ruling that ordered the full suspension of operations at the site.

The key milestone for Cobre Panama comes at a time when the market is in need of high concentrate volumes due to recent supply disruptions.