To win the full credit, EV makers have to source in 2023 at least two-fifths of battery materials from the US or free trade agreement partners such as Canada, Chile and Australia or recycle it in North America.

"This is going to be a golden period of 10 years, at least," said Keith Martin, an attorney with Norton Rose Fulbright who works on financing renewable energy projects.

After remaining fairly flat in 2019, global EV sales grew by 38% in 2020, and then more than doubled in 2021.

The most in-demand mining leaders are no longer those who’ve unearthed vast troves of glittering gold.

Pressure on the supply of critical materials will continue to mount as road transport electrification expands to meet net-zero ambitions.

World's biggest producer reported higher-than-expected second-quarter profit and lifted its annual guidance beyond analyst estimates.