The industry is flush with cash after last year’s record profits, while boards and managers believe they have the support of key investors after promising to avoid the reckless overspending of the last cycle.

The initial resource contains 741,000 tonnes of LCE grading 175 ml/L in the indicated category and 701,000 tonnes LCE grading 185 ml/L in inferred.

Backed by Glencore, company was viewed as a key part of the UK’s drive toward an EV manufacturing boom.

The phased project is aimed at providing renewable heat to Stellantis' Rüsselsheim manufacturing facility.

With suppliers unable to keep pace, a blistering price rally sent the total spot value of lithium consumption rocketing to about $35 billion in 2022.

Recharge Industries is planning a A$300 million factory to build lithium-ion batteries free of materials from China.

The LME global warehouse network held 654,345 tonnes of metal at the end of December, less than half the tonnage registered at the close of 2021.