The South American country produced 2.76 million tons of copper last year, dropping its rank from first to second for global production.

The offering will help fund near-term growth initiatives at its Copper Mountain unit.

Many participants in the physical trade have been warning that prices were running ahead of signals of underlying market conditions.

Canada's government has taken a tough stance specifically on investments from China in critical minerals such as copper, graphite and lithium.

The company has had permits to build its Tia Maria project for years yet held back because of environmental opposition.

Lumina says its Cangrejos gold-copper project in southwest Ecuador is among the world’s top 26 gold assets under development.

Several developments in 2024 have emboldened copper bulls and drawn in a rising tide of speculative money.

At least 100,000 metric tons of copper are en route to the US CME exchange, Reuters sources say.