The allocation of $500 million each to the coal-dependent countries will come in the form of “concessional,” or low cost, finance, the World Bank-affiliated fund said in a statement.
Sumitomo wants to start making materials for a cheaper type of battery -- containing no nickel -- that’s poised for global popularity after storming the world’s top EV market, China.
The South Korean company reiterated its target of tripling revenue in North America in five years, with the EV market there forecast to see compound annual growth rate of 33% by 2030.
ISS on Monday had recommended Turquoise Hill shareholders to vote "against" the deal, joining the Canadian miner's second-largest shareholder Pentwater Capital Management.