The ongoing project at Los Pelambres copper mine in Chile will cost $2.2bn, up from last year's estimate of $1.7bn and a 70% jump from the original $1.3bn figure.
Battery production, and more specifically lithium, is the “fundamental limiting factor” for electric-vehicle adoption worldwide, Musk said on an earnings call.
Lithium prices took a breather during the first half of April as lockdowns in China make trading difficult, but the lull is unlikely to last, says Benchmark Mineral Intelligence.
