The miner expects to lower production costs to $1.08 per pound during the 2017 financial year, from a projected $1.21 per pound in the year ending June 2016.
After a year and a half of lower crude prices, there is little expectation that Opec, under pressure from dominant force Saudi Arabia, will change course at this week’s meeting.
World's five largest mining companies together have lost an astonishing $570 billion in market value since 2011–the worst period of performance since 1966.
Iran is opening $29 billion of projects to foreign investors once sanctions are lifted – acquiring new mining equipment and technology is a top priority.