Since SQM's initial investment of $2.57 million last year, Altilium has hit a number of key development milestones.

The miner said it expects Pilbara production costs to rise in 2024 due to persistent labor and parts inflation.

The sale would not affect Piedmont's joint venture or offtake agreement with Sayona's business unit, Sayona Quebec.

Annual production will be 300,000 t/y of concentrate over a 21-year life for the mine.

China’s overseas investment in metals and mining as part of its Belt and Road Initiative surged by 158% last year, hitting $19.4 billion with energy transition metals the main focus.

The world's largest miner has also visited lithium mines in Australia and is in preliminary talks about operating them.

Australian lithium stocks rallied on speculation that CATL had closed its Jianxiawo mine.

The fire broke out on Saturday in a warehouse owned by French recycling group SNAM in Viviez, north of Toulouse.