Northvolt will rival the likes of Tesla and Asian battery makers such as Panasonic, LG Chem and CATL.

A host of new players are developing new extraction techniques, which could upend primary supply of lithium, says Fitch.

Rio will engage in a public dialogue about the project, which has stirred protests by environmental groups.

The world's largest producer of lithium for electric vehicles is the latest to join ILiA after mining giants including Rio Tinto and BASF.

Zimbabwe is desperate to attract investors into its mining sector, which it says will drive the recovery of its stricken economy.