Eramet said last month that Glencore was among parties to have expressed interest in helping finance its lithium production in Argentina.

The company will increase its land position to approximately 12,800 acres up from a previous area of 6,270 acres.

“There is opportunity for consolidation” in the sector, which is dominated by small and mid-sized producers, its managing director said.

The production of lithium and nickel can produce vastly different emissions profiles.

Indonesia has been trying to attract EV makers to invest in the country, enticing them with its rich nickel reserves.

Record quarterly sales for top customer Tesla helped propel the Fujian-based company’s profit growth.

The Council of the International Seabed Authority ruled out any immediate permission for mining to begin.

Huayou also said on Tuesday that its mining unit Huayou International Mining plans to buy a 50.15% stake in privately owned Perlux Limited.