China has “too many” EV companies, minister says

The offer by Wyloo Metals, owned by Australian mining magnate Andrew Forrest, now expires on May 22, by close of trading on the ASX.

The company posted net income of $114.8 million for Q2, compared to $53.2 million in the year-ago period.

The company is selling a 3% gross overriding revenue (GOR) royalty to Lithium Royalty Corp.

NMDC is also working on plans to export low-grade iron ore to China.

Nori Clarion-Clipperton polymetallic project, 4,000 metres deep in the northeastern Pacific Ocean holds top spot.

The purchased material will be used as feedstock for its Korean Metals Plant.

The company said it estimates the Rhyolite site now holds enough lithium carbonate to power more than 50 million electric vehicles.

A global market deficit is expected for 2023 as a whole, but surpluses are likely from next year, rising to 145,693 tonnes by 2027.

The refinery would be one of only a handful of its kind outside China if it starts as planned in 2026.