Prices for cobalt metal, used in production of electric vehicle batteries, have tripled to nine-year peaks above $30 a pound from below $10 a pound in late 2015.
The project will be the Japanese company’s first desalination plant and it is estimated to require an investment of around $623 million (70 billion Yen).
Albemarle said it could invest $1-billion in Chile over the next 5 years if request to the government to let it extract 125,000 tonnes per year is approved.