Korea Zinc also announced a $592 million investment in green hydrogen and the battery sector.

Smelter executives on Thursday called on miners to pay higher treatment and refining charges.

After years of decline, demand for the polluting fossil fuel has surged this year as Europe scrambles to replace Russian gas, and coal miners are making money hand over fist.

The company also raised its sales target for electric vehicles (EVs) to up to 40% of its total global sales by 2030.

Countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining.

Lygend plans to use 56% of the proceeds for the development and construction of nickel production projects on Indonesia's Obi Island.

Expectations of rising supplies after India's decision to scrap export taxes on low-grade iron ore also weighed on sentiment.