Cochilco also pegged its estimated 2024 copper price at an average of $3.65 a pound.

"The company has asked for more surface to operate and we have said no," said the deputy environment minister Diana Laguna.

The project, located in northern Mexico, is forecast to produce 33 million tonnes of silver-equivalent over an 18-year mine life.

Fortuna’s Mexican subsidiary, recently initiated legal proceedings to contest and revoke the annulment of the EIA.

PDVSA has in recent months made efforts to increase its production but has failed to meet demand.

Ganfeng has been developing a major lithium project in the northern border state of Sonora.

The group said it expects to record attributable gold output in the range of 590,000 to 640,000 ounces for the year.

The indicated mineral resource rose to 7.5 million tonnes grading 243 g/t silver, 2.12 g/t gold, 0.23% lead and 0.71% zinc.