In an update on Thursday, the nickel developer said the total funding required is in the region of $567-$592 million.

More threatening than oversupply in the coming years is the risk of a renewed shortage, which would send prices soaring.

Mineral Resources will use a digital trading platform to sell parcels of spodumene concentrate.

India will send two delegations next month to Chile to scout for lithium and copper resources.

The deal by the Japanese trading house follows a similar one unveiled by rival Mitsubishi Corp.

Industry players said they are seeking information on how contracts will be awarded by officials in the country that is the world's second-biggest lithium producer.

Local residents reported a lack of clean drinking water.