Tesla Megapack systems to power thousands of homes and businesses and add grid stability, says Edify.

“Investors seem keen to know Rinehart’s plan,” Seth Goldstein, an equity strategist at Morningstar, said.

In a country blessed with natural resources, the vast bulk of IPOs this year came from expansion-minded metals companies.

The spread offers traders an opportunity to make money, but also highlights just how bearish the outlook is in the top EV producer.

The Minerals Security Partnership (MSP) formed last year by 14 governments aims to ensure adequate supplies of minerals such as lithium and rare earths to meet zero-carbon goals.

Brian Talbot left the company at the end of last month, he told Reuters on Thursday, sending shares of the Vancouver-based miner tumbling.

Ganfeng Lithium and Tianqi Lithium have plunged 51% and 32% respectively since January.