Lynas has four years to build a plant that will remove low-level radioactivity from the material it ships to Malaysia.

Argosy will supply metals trader Mitsubishi Corp with 2,000 tonnes per annum.

Gold futures were trading around 38,000 rupees per 10 grams on Friday after hitting a record high 38,666 rupees this month.

The trend, which has prompted some lenders to impose restrictions as risks and borrowing costs rise, has been accelerated by record gold prices.

A total of 641.86 tonnes of copper rods changed hands on the first day of trade, with a turnover of 29.94 million yuan ($4.23 million).

The former environment minister rose to international prominence in 2016 by launching a crackdown on the country’s mining industry and closing down several operations on environmental grounds.