Prices for the metal have been fueled by supply disruptions in major producing countries and booming demand for electronics, where the metal is used for soldering to connect components.

Oz Minerals has an option to purchase Vale’s share of the copper-gold project.

Mining is a key source of tax revenue in Peru and the new leftist administration of President Pedro Castillo has repeatedly said it wants to increase mining taxes to pay for new social programs.

Freeport-McMoRan boss Richard Adkerson said he was left “encouraged” from a recent meeting with President Pedro Castillo.

Drilling this year identified three new deposits, making the total seven deposits over a 7-km strike at the project.

Idaho's Iron Creek is one of only two primary cobalt resource projects in the United States.

The additional equipment will help bring mill throughput up to 45,000 t/d from 40,000 t/d.