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.

Analysts had previously expected between 1-1.3 million tons of production to resume in the Yunnan region during the summer months.

BYD in April was granted access to preferential prices for lithium carbonate in the country.

Gallium and germanium, along with their chemical compounds, will be subject to export controls starting Aug. 1.

Mines across the continent are forecast to increase production of lithium raw materials more than 30-fold from last year’s volume by 2027.

The National Food and Strategic Reserves Administration, the government stockpiling body, may buy about 2,000 tons of cobalt.

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

The Chinese company said it would terminate the deal after Premier missed a deadline to start delivering spodumene concentrate.