The $135m contract with Monadelphous Group is part of Albemarle's plans to double lithium hydroxide output at the plant.

A battery-grade brine lithium plant will be developed at the Sal de Vida site.

Among plans to lower the carbon footprint in the complex is the construction of solar panels of as much as 500 megawatts.

Cobalt, an essential component for certain types of EV batteries, has seen a significant shift in its global production landscape.

Earlier in July, Exxon Mobil Corp. CEO said the company is also exploring opportunities to produce lithium.

Electra will supply LG with 3,000 tonnes of cobalt product in 2025 and a further 4,000 tonnes in each of the following years through 2029.

Along with the 100% project ownership of the Enonkoski nickel-copper-cobalt project, it will retain all drilling results.