Norway is one of the first countries to formally authorize seabed mining activities in its waters after its parliament backed plans in January to prospect for minerals.

Prices rose as much as 2.5% to $2,571.50 a metric ton on the LME.

Under the proposed deal, the French state would subsidize energy prices alongside local authorities up to 200 million euros a year.

The discovery in the emerging Sore area returned significant intercepts such as 26.45 grams gold per tonne over 2.5 metres.

The investment, according to SQM, goes hand-in-hand with its ongoing drive to improve efficiency and reduce its environmental impact as part of its sustainability goals.

The Saudi hub would service the Middle East, North and East Africa regions.