Almost 200 funds are seeking compensation for losses they allegedly suffered because of Glencore’s "untrue statements" and omissions.

Piedmont has a 25% stake in NAL, which started producing lithium earlier this year.

The funds are in talks to potentially underwrite financing of $2-3 billion for competing bids from Indonesian mining contractor Buma and Australian coal producer Stanmore.

The world's largest producer of rare earths outside China reported a net profit after tax of A$310.7 million.

Brett Lynch played a key role in the acquisition of the North American Lithium (NAL) operation in Québec.