“Money is a coward — it runs away at the first sign of trouble,” the chairman of Ivanhoe Mines said.

Major carmakers have already been looking for new lithium supplies in the United States, Europe and Africa.

Neighboring Chile last week unveiled plans for a state-led public-private model.

DLE technologies are designed to extract the metal using filters, membranes, ceramic beads or other equipment.

Shares in the world’s top two lithium producers are tanking after Chile said their contracts will not be renewed and prices for the battery metal continue to fall.

Tianqi dropped its $91 million plan to buy Essential after it failed to secure the backing.

The reforms would require miners to give back at least 10% of profits to communities and disclose the impacts of their operations.