The project is about 3km south of Greenbushes, the largest hard-rock lithium mine in the world.

The commodities market is witnessing the sharpest rally in more than a decade.

The funding approval follows receipt of the necessary regulatory approvals to start construction activities.

While Indonesia was China’s second-biggest supplier, it has now seen demand surge as imports from Australia dropped to nearly zero.

The world’s 50 most valuable mining companies jumps to a new record high of $1.3 trillion by year’s end.