The spodumene operation is expected to produce an average of 5,480 tonnes of ore per day.

With suppliers unable to keep pace, a blistering price rally sent the total spot value of lithium consumption rocketing to about $35 billion in 2022.

Recharge Industries is planning a A$300 million factory to build lithium-ion batteries free of materials from China.

The Rhyolite Ridge Lithium-Boron Project could potentially support the production of lithium for 370,000 EVs.

Investors in the small, fast growing market for lithium can be forgiven for feeling whiplash – the battery metal was also the worst performer – by a long shot – for two years since 2013.

Once completed, the Guben converter will be the first of its kind in Europe, with expected annual production capacity of 24,000 tonnes.

The explorer, which has so far focused on gold in Ireland, said drilling results show evidence of lithium bearing pegmatites.