The initial capex will be less than $350 million, assuming contract mining.

The plant, one of Alcoa’s first three Western Australia alumina refineries, has been operating below nameplate capacity for the past year.

The Western Australia-based junior entered the ASX on the right foot, having raised A$15 million ($10m) on a heavily oversubscribed IPO.

Set to be the world’s largest new iron ore mine, the project will add around 5% to global seaborne supply when it comes on line.

A critical review of current developments in the global lithium industry and key takeaways by Chris Williams, Analyst at Adamas Intelligence.

The deal hands Omnia key assets, including the Phoenix and the Torp Lake lithium projects, which expand its footprint to more than 625 km2.