The new legislation goes further than ever before, looking at not only the domestic mineral resources but the supply chains that refine the raw materials for electric vehicles.
The electric vehicles pioneer is worried about the effects of booming demand for EVs will have on the supply of minerals needed to manufacture rechargeable batteries.
Among the commitments in the deal, the investor may earn into the option for the project by constructing a $20 million pilot plant for the processing of lithium brine.
Global demand for strategic minerals like lithium, graphite and nickel will skyrocket by 965%, 383% and 108% respectively by 2050, according to the World Bank’s updated 2018 projections.