West Musgrave was on track for a final investment decision in the current half of 2022.

The plant will have capacity of 100 gigawatt hours, enough to power more than 1 million cars, and will run on renewable energy.

South Korean battery makers imported more than 80% of the key minerals from China in 2020.

To win the full credit, EV makers have to source in 2023 at least two-fifths of battery materials from the US or free trade agreement partners such as Canada, Chile and Australia or recycle it in North America.

Out of 105 companies that own lithium projects, only 18 have more than one, Fitch notes.

"This is going to be a golden period of 10 years, at least," said Keith Martin, an attorney with Norton Rose Fulbright who works on financing renewable energy projects.

The company's Canadian unit is working with the government to "identify opportunities for industrial facility permitting reforms", the amended filing said.