The consortium comprises Sumitomo Metal Mining, Mitsubishi Corp and Mitsui & Co Ltd.

The move underscores the dilemma facing President Xi Jinping as he seeks to counter US efforts to prevent China from accessing the chips needed to dominate technology.

Toyota claims solid-state battery has a 745 mile range, with 10 minute charging time.

The South Korean firm aims in the to grab a 30% share of the global market for copper foil, a key component in EV batteries.

POSCO Group has been expanding into new businesses for diversification, including minerals used in electric vehicle batteries.

Market speculation about government intervention in the iron ore market last Friday weighed on sentiment as well.

The state-owned joint venture will "shortly" sign an agreement with Argentina to secure a few lithium blocks.

List includes nickel, titanium, vanadium and tungsten.