The Australian iron ore producer will now have 25.4% stake in the Canadian junior, which is advancing the Cañariaco copper project in Peru.

Ivanhoe Electric owns or holds stakes in nine electric metals developments across the US, including the Santa Cruz copper project in Arizona and its Tintic project in Utah.

Competition is becoming more fierce as supplies fall short of demand, forcing some automakers to change the way they source raw materials.

One of the world’s top copper mines is running out of storage space, raising the risk of slowing or halting production in another threat to global supply of the metal.

The agency in July had estimated a copper price of $3.95 per pound in 2023.

Redwood said it will build a $3.5 billion battery materials campus in Ridgefield.

During the first 10 months of the year, the global market was in a surplus of 78,300 tonnes compared with a deficit of 163,600 tonnes in the same period of 2021.

The ebullient outlook the CEO offered during the carmaker’s last earnings call has given way to price and production cuts in China.