Automaker has signed an agreement with the miner for the supply of battery grade nickel and cobalt sulphate from the NiWest project.

An accord would essentially allow EU companies to take advantage of some of the benefits in the IRA.

While it was well-telegraphed, Chile’s new model for lithium still surprised many investors.

"If we're honest ... the lithium produced in Canada is going to be more expensive, because we don't use slave labour," he said as as he discussed Canada's efforts to ramp up production of the critical metal

The world's second largest copper producer, Peru has a lithium exploration project in the region of Puno, on the border with Bolivia.

Miner will consider moving into the production of manganese sulphate in the US.