The system, known as SIMBARA, was first implemented in 2022 to track coal, with a plan to widen its use to other minerals.

Industry leaders have pushed for two pricing structures for several years.

The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.

Copper production for the three months to June 30 also fell 14% from the year before.

The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.

Over two-thirds of today’s junior miners are essentially worthless, says resource speculator Rick Rule. 

Mercedes-Benz and Stellantis are currently in discussions with Serbia’s government to invest in the country.