Country will limit construction of nickel smelters to ensure new plants produce high-value products and follow green principles.

The Rhyolite Ridge Lithium-Boron Project could potentially support the production of lithium for 370,000 EVs.

Investors in the small, fast growing market for lithium can be forgiven for feeling whiplash – the battery metal was also the worst performer – by a long shot – for two years since 2013.

Canada has been seeking to woo foreign investment the EV supply chain.

The Vancouver-based company is looking to be the first one in the world to commercially mine the deep sea.

Once completed, the Guben converter will be the first of its kind in Europe, with expected annual production capacity of 24,000 tonnes.

“We could be pushed into extreme price levels,” Jeremy Weir, the commodity trader’s chief executive officer, said.

The explorer, which has so far focused on gold in Ireland, said drilling results show evidence of lithium bearing pegmatites.