The financing comes a month after the US unveiled plans to lend it $2.26 billion to build the project.

On Tuesday, Codelco CEO said that the company made progress in negotiating with local communities over lithium mining.

Based on company calculations, Corvette is home to the largest lithium pegmatite resource in the Americas.

Chile’s state-run miner has made progress in negotiating with local communities over lithium mining and will keep working to win their support, Chief Executive Ruben Alvarado said.

Avalon and its joint venture partner SCR-Sibelco NV is developing its Separation Rapids lithium deposit near Kenora, Ontario.

Codelco and SQM agreed to start talks with a council of representatives from 18 indigenous communities in December in efforts to reach an agreement to form a new state-controlled public-private partnership.

Economy minister Nicolas Grau said the country is hoping to develop between 3 and 5 new lithium projects.