The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons.

Production has so far been stable thanks to co-operation between the mining industry and the government.

Vale said 2024 copper production guidance remains at 320-355 kt.

Copper prices have retreated from a record hit in May on concerns about the strength of demand in China.

The miner said higher metal prices boosted its earnings, while lower treatment charges and metal premiums weighed on the result.

Earthquakes have the potential to substantially affect mining operations, leading to supply chain disruptions that adversely affect the global economy.

China's imports of major commodities are often viewed through the prism of the performance of, and outlook for, the world's second-biggest economy.

Panama’s new president has said that the mine may need to be temporarily reopened in order to responsibly prepare for a permanent closure.