"Fortescue is taking its global pipeline of green hydrogen and green ammonia projects to final investment decision," Fortescue Energy CEO Mark Hutchinson said.

Glencore has also offered to provide a financing prepayment facility between $70 million and $100 million.

The country’s lithium industry has seen a frenzy of deals this year.

Ivan Vella, who has spent two decades at the mining giant, was already due to leave the company in December.

In a budget speech on Wednesday, Ghana's finance minister said the project is expected to be a major contributor to the country's gross domestic product.

The agreement gives Tivan Ltd. an exclusive 20-year worldwide licence, except in India, for use of the CSIRO’s intellectual property.

“Deals continue to be done, but deals take longer,” a Sydney-based partner at law firm Ashurst LLP said.