The company said it estimates the Rhyolite site now holds enough lithium carbonate to power more than 50 million electric vehicles.

A global market deficit is expected for 2023 as a whole, but surpluses are likely from next year, rising to 145,693 tonnes by 2027.

“In the longer term, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel,” the bank said.

The refinery would be one of only a handful of its kind outside China if it starts as planned in 2026.  

Increased geopolitical risks have impacted the company's financial results and created new challenges for its operational and sales activities, the company said.

Automaker has signed an agreement with the miner for the supply of battery grade nickel and cobalt sulphate from the NiWest project.

An accord would essentially allow EU companies to take advantage of some of the benefits in the IRA.

While it was well-telegraphed, Chile’s new model for lithium still surprised many investors.