International Graphite’s Collie operation is part of push for new production facilities to meet escalating demand for raw materials to support decarbonisation of transport and energy storage.

BMW plans to churn out 150,000 vehicles annually at Debrecen, about 124 miles east of Budapest.

The battery material’s price is set for a second weekly decline in China, while shares in lithium suppliers are falling.

It comes as Australia seeks to develop its critical minerals processing industry.

The most successful example of a company that raised capital in Canada in its initial stages is Sygma Lithium Corp.