Record quarterly sales for top customer Tesla helped propel the Fujian-based company’s profit growth.

The Council of the International Seabed Authority ruled out any immediate permission for mining to begin.

Huayou also said on Tuesday that its mining unit Huayou International Mining plans to buy a 50.15% stake in privately owned Perlux Limited.

The $135m contract with Monadelphous Group is part of Albemarle's plans to double lithium hydroxide output at the plant.

A battery-grade brine lithium plant will be developed at the Sal de Vida site.

Among plans to lower the carbon footprint in the complex is the construction of solar panels of as much as 500 megawatts.

Earlier in July, Exxon Mobil Corp. CEO said the company is also exploring opportunities to produce lithium.

Electra will supply LG with 3,000 tonnes of cobalt product in 2025 and a further 4,000 tonnes in each of the following years through 2029.