As these cases show, fraudsters went to great lengths to dupe their counterparties with considerable success for some 18 months while they pocketed more than $326m.

Vietnam plans to restart its biggest rare-earths mine next year with a Western-backed project that could rival the world's largest.

India in February found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million tonnes.

Prices have plummeted due to an upsurge of supplies from Congo.

The plant, set to start production in 2026, aims to produce 50,000 metric tonnes LFP cathode materials annually.

With a total capital cost of $3.6 billion over the life of the mine, Giga Metals will need other investors on board to develop the mine.