The proposed mine, if built, would become one of North America's largest sources of lithium for electric vehicle batteries.

The state-owned ore processing company said it will be in a position to choose a partner for a sprawling lithium project by mid next year.

The Biden administration has unveiled plans to exclude Chinese entities from receiving any of the generous tax credits available for investing in the US EV supply chain.

Geothermal waters in the Rhine Valley along the French-German border have attracted investments both for renewable energy and potential lithium resources.

Following completion of stage one, Liontown can own up to a 51% interest in the Mulwarrie and Mulline lithium prospects.

The company will partner with Chengxin and Yahua, suppliers of lithium hydroxide to Tesla, BYD, and LG.

The backing from the US International Development Finance Corporation brings its total investment in the Dublin-based firm to $105 million.

Lithium carbonate prices in top consumer China could fall by more than 30% next year.