The $1.3 billion boost will increase the capacity of Australia’s Critical Minerals Facility to finance mining and processing projects for materials.

Largo said that an employee died due to an accident at the chemical plant in the Maracás Menchen vanadium mine.

The auction includes blocks of graphite and vanadium.

The Australian company will supply all saleable vanadium bearing products from its project in Finland for an initial period of five years.

New report says lithium, nickel sulphate and rare earth prices are set to recover sharply but graphite, magnesium and titanium markets are in for more pain.

Commodity research firm says production growth, weaker demand and negative sentiment in the industry will see iron ore, copper and industrial metals sink next year.