The company says the strong nickel price had made it an opportune time to start drilling for the battery metal.

According to scientists, the diamond may be over 800 million years old.

Mechel is expected to pay for the stake within the next four months.

Scientists believe aluminium batteries could eventually replace lithium-ion batteries or be complementary so that the latter are only used when strictly necessary.

The Toronto-based miner acquired the undeveloped Chulbatkan asset for $283 million in July.

Plan fits with Germany’s 2038 goal to exit coal-fired power generation.

Authorities suspect the company’s billionaire chief Kostyantin Zhevago has been engaged in money laundering and the embezzling of funds from a bank he formerly owned.