Movener, which aims to transform traditional trucks into hybrid-electric vehicles, is the first Chilean company in SQM’s venture portfolio.

It's especially interested in nickel, cobalt, zinc and other metals, provided the government guarantees a stable business environment.

Despite bullish long term forecasts, the metal has been languishing near two-year lows as demand fails to keep pace.

EVs could reach 17 million in 2024, accounting for more than one in five cars sold worldwide, according to the International Energy Agency.

Tianqi also said not enough financial information has been given to determine the impact on SQM operations from the deal.

India's Ministry of Mines began discussions with Australia and the United States last year, according to Reuters.

Africa's top oil producer, which is also rich in lithium, gold and limestone, will grant mining licences to only companies that process their minerals locally after toughening licensing rules for foreign companies last year.

The Tonopah Flats claystone is one of the largest lithium resources in the United States.