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.

Hancock Prospecting now owns 14.67% of the lithium producer, according to an ASX filing late Tuesday.

Major construction works will begin after the rainy season which is about to start, and will take three years to complete.

The company said it remains on track to achieve annual 2023 production guidance of 130,000 tonnes of lithium concentrate.