The deal came after more than two years of talks, Vale said in a securities filing.

Almost 19 years after its founding, Tesla has a car factory network that spans the globe.

The funds will be invested in a project at a salt flat called Salar de Hombre Muerto, located in the border between the northern Salta and Catamarca provinces.

Volkswagen will form joint ventures with Huayou Cobalt and Tsingshan Group to secure up to 120kt nickel and 15kt cobalt per year.

Lithium has soared nearly 500% in the past year.

Car manufacturers are trying to lure more customers just as government subsidies for cleaner vehicles fall away.

Investors are furious with the LME for allowing prices to soar 250% in less than two days.

The administration also plans to announce nearly $215 million in Interior Department funding to clean up abandoned mines in West Virginia.