In October, China suspended purchases of Australian coal as Beijing continued to tightly control imports amid soured political relations with Canberra.

Llurimagua is in the advanced exploration stage and could become the first mine Codelco operates abroad.

As coronavirus infections surge worldwide, fears of further near-term supply disruptions are also fueling gains.

Gold price to hit $2,300 next year on inflation risks, zinc price soars as Vedanta halts Gamsberg mine after accident, Dominion Diamond Mines to restart Ekati.

LME three-month zinc hit a fresh 18-month high of $2,793 per tonne on Friday and is even outperforming high-flying copper.