While the bank’s base case is for a surplus of less than 40,000 tons, that may be in jeopardy if Jakarta’s approvals are slow.

The sanctions could benefit other coal suppliers such as Indonesia, Australia and South Africa.

Syrah will supply 2 kilotonnes of natural graphite per month in the year following commissioning.

Meanwhile, the Indonesian government said that EV producers shouldn't anticipate any significant recovery in prices.

Nickel prices plunged by around 45% last year, and dipped briefly below $16,000 a ton earlier this month.

A total of 18 critical mineral blocks, including tungsten, vanadium, cobalt and nickel, will be auctioned in eight states across the country.

Russia is the biggest global supplier of uncut diamonds by volume.

Net imports into the world's top gold consumer stood at 76.248 metric tons in January.