SQM said its third-quarter net earnings fell 56.4%, dragged down by falling lithium prices.

Glencore has also offered to provide a financing prepayment facility between $70 million and $100 million.

The country’s lithium industry has seen a frenzy of deals this year.

In a budget speech on Wednesday, Ghana's finance minister said the project is expected to be a major contributor to the country's gross domestic product.

The miner reported revenue of $97 million in Q3, marking the company’s first revenue-generating quarter.

The deal includes regulations covering 34 critical raw materials vital to the clean-tech transition.

Ruling paves the way for American Lithium to open the Falchani mine, Peru’s first lithium operation, in 2027.

Exxon's expansion into the sector will rely on one or more of a so-far unproven fleet of direct lithium extraction (DLE) technologies.