"Increasingly, metals have got to come from recycling. The demand is that high.”

Pressure on the supply of critical materials will continue to mount as road transport electrification expands to meet net-zero ambitions.

World's biggest producer reported higher-than-expected second-quarter profit and lifted its annual guidance beyond analyst estimates.

The Araguaia project will initially produce up to 14,500 tonnes of nickel per year.

The Australian company has been unable to get federal permits because public lands near the site are home to the endangered wildflower Tiehm’s buckwheat.

Globally, the industry will need as much as $42 billion of investment by the end of the decade in order to meet demand, according to Benchmark Mineral Intelligence.