Tag: investment

  • European Lithium and Sizzle conclude business merger

    European Lithium and Sizzle conclude business merger

    European Lithium has finalized a strategic partnership with Sizzle Acquisition, resulting in the establishment of Critical Metals.

    This collaboration positions the Wolfsberg Lithium Project as the inaugural flagship asset of Critical Metals, with the company’s immediate focus on advancing the mine’s construction and commissioning.

    The successful conclusion of the transaction and subsequent listing of Critical Metals on the Nasdaq represent significant milestones in bolstering the development of this pivotal lithium asset, essential for Europe’s transition to green energy.

    As part of the agreement, European Lithium has received 67,788,383 ordinary shares in Critical Metals, securing the company’s status as the largest shareholder with an 83.03% stake in the issued capital.

    The estimated value of European Lithium’s investment in Critical Metals currently stands at $839 million (A$1.3 billion), based on the closing share price of $12.38 per share as of February 29, 2024.

  • The future of the plant. How AGMK is implementing a major investment project to increase copper production

    The future of the plant. How AGMK is implementing a major investment project to increase copper production

    Environmental trends create potential demand for copper, which is one of the main components of all these innovations. Today, the “new economy” already consumes 1.6 million tons of this metal. Against the backdrop of energy crises and the rising cost of energy resources, analysts argue that the demand, and consequently the prices for copper, will only continue to rise. They forecast that by 2030 the world will need 40% more copper than is mined today. All this adds up to an excellent opportunity for copper mining companies. Global leaders in this industry are actively modernizing their production, introducing advanced technologies that allow working with poor ores and copper slag to meet this growing demand with supply. The domestic copper producer, the Almalyk Mining and Metallurgical Combine, also has grand plans. Today, four investment projects are successfully being implemented here. One of the key projects is the development of the “Yoshlik” deposit worth almost $5 billion. The project involves the implementation of a whole complex of measures that will enable the enterprise to produce 400,000 tons of cathode copper per year by 2030 and become one of the world’s leading producers of this metal. This will not only secure the company’s future but also provide a powerful impetus for the development of the domestic economy: new production facilities will provide jobs for tens of thousands of people, increase tax revenues to the budget, while the combine already ranks as the second-largest taxpayer in the republic. As part of the investment project, the construction of three new copper beneficiation plants, a copper smelting complex, modernization of existing facilities, and the consolidation of two deposits of the combine – “Kalmakyr” and “Yoshlik” are planned. This project is considered one of the top 10 largest global projects in the metallurgy sector. Intensive open-pit mining operations are currently underway at the “Yoshlik” deposit. To reach the ore layer and prepare the quarry for further mining, around 180 million cubic meters of rock mass have been removed from here. To carry out massive mining works, new mining equipment has been acquired, and some transportation has also been outsourced. “We recently received two new locally assembled dump trucks with a payload of over 220 tons. In total, under the contract with a domestic company, the delivery of five such machines is expected, the rest will be delivered by March. We will use them for open-pit mining operations, and then for ore mining,” said Kamoliddinjon Marahimov, deputy chief engineer for mining operations. In addition, the combine is introducing a new cyclic-flow technology (CFT) for transportation. Several crushing-conveyor complexes will be built on the quarry site. In particular, two will be involved in transporting empty rock to the dumps, and two more – in shipping ore to the concentrator plants No. 3 and 4. It is worth reminding that in November of last year, the combine already launched one of the crushing and loading nodes for the third factory in test mode. Crushing units and 4-kilometer conveyors from Denmark, which have repeatedly proven their reliability and efficiency at numerous enterprises around the world, are installed here. These technologies will be used for primary crushing and transporting ore via conveyors instead of railway transport to ore warehouses. Overall, this solution will triple transportation costs and operational expenses. The third in line The investment project involves the construction of three copper beneficiation plants (CBP). Since 2021, active work has been underway to erect CBP-3. Today, this truly grandiose facility is at the stage of final construction and installation works. It is worth noting that Wood (Italy) and UZLITI Engineering (Uzbekistan) were involved in the design of CBP-3, Technip Energies (France) conducted the technical evaluation and acceptance of the basic project documentation, and Worley (UK) is supervising the construction. To ensure the timely launch of the factory, today, on the construction site of CBP-3 with a total area of 196 thousand square meters, more than 1000 pieces of equipment are involved, and a 15-thousand-strong international team of the general contractor Enter Engineering is working daily. The new facility will be equipped with the most modern equipment from leading manufacturers of mining and beneficiation equipment, such as AUMUND (Germany), Thyssenkrupp (Germany), Weir Minerals (UK), Sepro Minerals-Falcon (Canada), Metso (Finland), and others. In particular, for the first time at AGMK, the HPGR (High-Pressure Grinding Rolls) technology of semi-autogenous mills will be applied. This will reduce operating costs by 30% and achieve the minimum payback period for the introduced technology. Most of the large-sized equipment has already been installed and is ready for commissioning. The remaining part is at the stage of completing installation works. The activity of the factory will be fully automated, which will reduce the impact of the human factor on production processes, increase the quality of the products, and reduce emergency situations. The automation of the technological process will be based on modern software and hardware used in the practice of global manufacturers like ABB (Switzerland) and Siemens (Germany). The technological process at CBP-3 will be controlled from a centralized dispatch center, the construction of which is currently being completed. 1200 automation cabinets will be installed in the factory’s units. According to Alexander Kuznetsov, the head of the production facilities of the CBP-3 project, the first production lines of the factory will start operating soon. “We are making every effort to commission the facility on time. The commissioning of the facility will be carried out step by step. By the end of the year, we plan to obtain the first commercial concentrate. When reaching the full design capacity, the factory will process 60 million tons of ore annually,” he noted. It is worth noting that today the combine processes more than 40 million tons of ore annually. Thus, the capacities of the enterprise will soon increase to 100 million tons of processed rock. And this is just in a few years – it took decades to achieve the current level! And there are still the fourth and fifth copper beneficiation plants in the pipeline. Also, with the commissioning of the new facility, about 3.5 thousand new jobs will be created. Thus, this huge modern factory will become a strategically important object, having great significance for the socio-economic development of our country, for our youth, and for future generations. Copper Smelting Complex With the acquisition of additional volumes of concentrated ores, the capacities of the current copper smelting plant, which currently produces 148 thousand tons of cathode copper annually, will be insufficient. “At the first stage, we face the task of producing 300 thousand tons of copper per year. To accomplish this, a decision has been made to expand the capacities of the copper smelting plant to a metallurgical complex. Studying the experience of other countries, we decided to purchase flash smelting and flash converting furnaces for it, as well as modern sulfuric acid plant technologies from the leading company Metso. The contract will be signed shortly,” shared the chief engineer of the smelting plant, Zhasur Ergashev. This is practically fully automated equipment and the most optimal solution, both financially and environmentally. For example, the new furnace will be able to process several times more concentrate than other similar analogs allow. This provides greater production efficiency, reduces processing time, and consequently, the payback period of the equipment. And the closed gas discharge system from the copper production will reduce emissions and establish production with a capacity of 1.8 million tons of sulfuric acid per year. A slag beneficiation plant will also be built at the copper smelting complex, which will process by-products at a capacity of over 1.5 million tons per year. The project includes the construction of a department for slow cooling of slags, which will allow for maximum waste-free production. “Previously, the slags were taken to dumps, where they cooled naturally. Now, after undergoing the slow cooling process, they will be sent to the slag beneficiation plant for further processing. This way, we can increase copper recovery from 93% to 98%. Thus, less valuable material will go to waste. This is a fairly good indicator,” explained the director of the future complex department, Alisher Shanasirov. Currently, the basic engineering of the project is being completed, preliminary site preparation for construction is underway, and infrastructure relocation is ongoing. It is expected that specific actions will begin by the end of this year. It should be noted that to transport the finished concentrate, cyclic-flow technology will also be used. A tubular conveyor, 4.7 kilometers long, will be stretched from CBP-3 to the copper smelting complex. Its construction is scheduled to start in the summer and be completed by the beginning of 2027. Technical services and infrastructure In addition, work is actively underway on the construction and development of infrastructure. For example, at the CBP-3 base, technical water supply complexes are being built for the factory’s own needs, with a capacity of 23.5 thousand cubic meters per hour. The growing production will also require more electricity. Therefore, to meet the needs of the new facilities in electricity, AGMK has built a new technological substation with a capacity of 650 megawatts and is completing the construction of two transformer substations. They will provide electricity to the “Yoshlik” deposit, CBP-3, and the cyclic-flow technology. It is worth noting that this will be the first substation in the CIS with full digital control. The construction of an explosive materials plant is nearing completion. It will produce 90 thousand tons of explosives per year. Also, a new laboratory will be built for the needs of the quarry, which will be engaged in sample analysis. The expanding production complex will require more technical service capabilities. Therefore, expanding and modernizing the Central Repair and Mechanical Plant (CRMP) is one of the key tasks within this investment project. The CRMP is being supplemented with new equipment, production of new products is being established to ensure that there are no problems with servicing and supplying spare parts for new units at new facilities. In parallel, construction of assembly areas is underway, where maintenance and technical servicing of large-scale automotive equipment will take place. Thus, if today AGMK produces 148 thousand tons of copper, by 2025 the above measures will allow the production of 300 thousand tons of metal annually. By increasing production, by 2030 the enterprise plans to extract 400 thousand tons of copper from the deposit. In addition, the combine is not only focused on increasing the volume of copper production but also actively works to increase the volume of production of high value-added products and export not just raw materials but finished products. This will increase the company’s revenue to 8 billion dollars. International recognition In implementing such a large investment project, AGMK, in particular, relies on the experience of leading international companies. The project is financed from the funds of the combine itself, as well as loans from domestic and foreign banks. German and French financial institutions show great interest in it. “If before we independently sought financing for our projects, now banks, both local and foreign, are themselves at our doors, offering more convenient lending terms,” noted the director of the project office for the implementation of the “Yoshlik” investment project, Zokirkhuja Ishankhojaev. This interest can be explained by the fact that the combine has great development prospects. The large British company SRK Consulting confirmed the presence of 45 million tons of copper reserves and more than 5 thousand tons of gold at the “Yoshlik” deposit. According to the director of the consulting company, Mike Beer, today no state in the world can boast of such reserves. “Data on the reserves of the Almalyk deposit were published according to the JORC code, which is recognized at the international level. This is truly the future of our enterprise,” concluded the AGMK representative.

  • Issues of implementation of CRIRSCO standards in Kazakhstan were discussed in the Government

    Issues of implementation of CRIRSCO standards in Kazakhstan were discussed in the Government

    Prime Minister of the Republic of Kazakhstan Alikhan Smailov held a meeting on the implementation of international CRIRSCO standards in the field of subsoil use. 

    CRIRSCO is an international committee that unites public reporting codes for solid mineral reserves in countries such as Australia, the USA, Canada, Russia, India, Turkey, New Zealand, as well as some countries in Africa, Europe (23 countries), South America and South America. -East Asia. 

    The Kazakhstan KAZRC code was adopted into the CRIRSCO family in 2016, and international standards in the Republic of Kazakhstan should come into force in 2024. It is expected that this will attract foreign investment in geological exploration and give a significant impetus to the industry as a whole.

    As a result of the discussion, the Prime Minister instructed to ensure the transition to CRIRSCO (KazRC) standards for new deposits within the established period and, in parallel, to maintain the activities of the State Commission for Mineral Reserves of the Republic of Kazakhstan for already developed deposits.

    At the same time, it was also instructed to provide for liability, even criminal, for competent persons drawing up reports according to KazRC standards, and minimum requirements for such reports. This approach will allow taking into account the interests of the state and private business when developing deposits of solid minerals.

  • Uzbekistan’s economic stability provides immense opportunities for Indian investors

    Uzbekistan’s economic stability provides immense opportunities for Indian investors

    India’s key partner in Central Asia – Uzbekistan – has been maintaining stable economic growth and the re-election of President Shavkat Mirziyoyev has provided tremendous opportunities for prospective Indian investors in the resource rich country.

    Several sectors in Uzbekistan are open to foreign investments and India is one of the sought after partners. Regular flights between Delhi and Tashkent could further contribute to growth momentum of the Uzbek economy. Political stability of Uzbekistan coupled with predictable policies could be point of attraction for Indian investors.

    India and Uzbekistan signed a Joint Statement in September 2019 to set up a joint feasibility study for entering into negotiations for a Preferential Trade Agreement (PTA). It is hoped that PTA could be signed soon and that would open up India’s entry into Kyrgyzstan as well as Tajikistan. Notable Indian investments in Uzbekistanby Indian companies include those in the field of pharmaceuticals, amusement parks, automobile components, and hospitality industry. Indian majors like GMR have expressed interest in investment in airports, development of air corridor, Navoi cargo complex in Uzbekistan; KDAH (Ambani Hospital) from Mumbai has expressed interest in setting up a specialty hospital. Investments in various fields, including pharma and healthcare, textiles and auto components, agriculture and food processing, and mining and jewellery sector are in various stages of discussion. In the field of education in October 2019, AmityUniversity and Sharda University opened campuses in Tashkent and Andijan respectively. Indian institutions like iCreate are actively cooperating with Uzbek counterparts for promoting start-up ecosystems in Uzbekistan and training entrepreneurs in setting up incubators. Indian companies like Dev IT have entered into bilateral cooperation in field research, technologies, start- ups and innovations with budding Uzbek partners. India’s National Thermal Power Corporation is also participating in various tenders including solar PV power plants and consultancy assignment for gas projects in Uzbekistan. India and Uzbekistan have set up National Coordination Committees to oversee the implementation of mutually agreed projects and initiatives.India has granted market access for lemon and melon from Uzbekistan. Pest Risk Analysis (PRA) for plum and sweet cherries have been completed and is further under process. Uzbekistan has granted market access for banana and mango from India. PRA for Soyabean oil cake has been completed and additional information has been sought. Request for PRA from India include wheat, wheat flour, potato, pomegranate and pomegranate seeds.Indian investors can get further impetus from the fact that Uzbekistan has maintained high growth dynamics during the first half of the year despite an unstable external environment. Uzbekistan’s economy is expected to maintain stability through the year and is expecting higher investments from India. Today Uzbekistan provides predictable financial environment and friendly people besides regular connectivity to further promote business ties. Inflation in Uzbekistan continues to slow down. In January-June, prices increased by 3.5%, while in the same period in 2022 by 6.5%. In annual terms, inflation slowed to 9% (in June 2022 – 12.2%). Food inflation slowed from 8.9% in January-June 2022 to 4.1% over the same period this year. Similarly, the growth of prices for non-food products slowed from 5.8% to 3.1%, for paid services from 3.3% to 2.9%, according to official data. Investments from centralized sources in the first half of the year increased by 2.4%, in particular, at the expense of budget funds by 3.6%. Foreign investments and loans guaranteed by the government increased by 6.9%. Industrial production in the first six months of this year grew at a faster pace compared to the same period in 2022 – 5.6% versus 5.1%, respectively.The main factors of economic growth are due to the timely adoption of urgent measures to support entrepreneurs, as a result of which the growth of the manufacturing industry amounted to 6.3% (5.9% for the first half of 2022), the mining industry by 0.2% (-0.5%).In agriculture, in particular in crop production and animal husbandry, there is an acceleration in the growth rate of output to 3.8% (in January-June 2022 – 2.7%). Foreign trade turnover in the 1st half of the year increased by 19.4% to $29.2 billion. Exports increased by 23% to $12.1 billion, imports by 17% to $17 billion.

    The export growth is due to an increase in the supply of machinery and transport equipment to foreign markets by almost 60%, gold by 47%, services by 41%, food by 33%, various finished products by 25%. At the same time, exports of non-food raw materials decreased by 26%, fuel and energy resources by 20%.

  • Zangezur Copper-Molybdenum Combine and Kajaran community signed a memorandum of cooperation

    Zangezur Copper-Molybdenum Combine and Kajaran community signed a memorandum of cooperation

    On July 13, 2023, the Zangezur Copper-Molybdenum Combine and Kajaran community signed a memorandum of cooperation.

    Roman Khudoliy, President of the GeoProMining Group of Companies, CEO of ZCMC, and Manvel Paramazyan, head of the Kajaran community, stressed that there have always been close cooperative ties between the parties, and the memorandum will raise these relations to a new, institutional level.

    The memorandum provides for the development of strategic areas of cooperation in the fields of economy, culture, education and sports, social security, healthcare, as well as in urban planning.

    After the signing ceremony of the memorandum, ZCMC General Director Roman Khudoliy said: “Cooperation between our company and the Kajaran community can be considered an exemplary in terms of cooperation between the community and the company. We have reached such a level that we consider supporting social development projects not as a duty or as corporate social responsibility, but as an investment in the development of our company, because our success is ensured by our employees, and these are mainly residents of the Kajaran community. Today we are taking this cooperation to a strategic new level.”

    Mayor Manvel Paramazyan also welcomed the signing of the memorandum and stressed the ongoing close relationships between the enterprise and the community. “The role and significance of the Zangezur Copper Molybdenum Combine is undeniable in the history of the creation of the city of Kajaran and in the development of the community, from the day the city was founded to the present day, for more than seven decades. When we say Qajaran, we mean combine, and vice versa, when we say combine, we mean Qajaran. But this memorandum opened a new page in the recent history of Kajaran, reevaluating those decades and the great contribution and dedication of the leaders of the company from the beginning of history and all the heroes of this giant enterprise.”

    Zangezur Copper-Molybdenum Combine CJSC signed memorandums in the field of social development also with the Syunik region and the Kapan community recently.

  • UK is losing a crucial race with China for minerals used in electric cars and green energy, mining boss warns

    UK is losing a crucial race with China for minerals used in electric cars and green energy, mining boss warns

    Britain must rapidly reverse its culture of “non-existent” investment in exploration for key green energy metals on home soil or face a future of Chinese dominance in an area vital to future economic security, a mining company boss has warned.

    Galantas Gold Corporation, a Canadian company which holds exploration licences for some of the UK’s most promising geological deposits, is understood to have found a potential source of graphite, increasingly one of the world’s most sought-after materials for manufacturing electric vehicles, at a site it operates in Omagh, Northern Ireland.

    But the firm’s chief executive has fired a shot across the bows of ministers and British industry by warning that the UK and other European countries are under-investing and can no longer rely on the exploitation of resources in the developing world to deliver the critical raw materials needed for the transition to clean energy.

    The ability of the UK and allied countries to obtain their own longterm supplies of materials such as lithium or more obscure metals such as germanium, used in semiconductors, is at the core of a geo-political tussle with China in areas from electric vehicles to consumer electronics to wind power.

    Beijing is already expected to have a substantial lead in providing electric cars in the UK when a ban on new petrol and diesel cars comes into force in 2030, causing some within the Government to raise concerns about the use of those vehicles to harvest vast amounts of data about the movements of ordinary Britons.

    Galantas CEO, Mario Stifano, whose company is in the early stages of exploring metal deposits in a 217 square kilometre area of the Scottish Highlands, told  that Britain was at risk of failing to understand and successfully exploit its own resources because of a lack of interest in funding the groundwork needed to establish the exact location and quantity of what are believed to be sizable deposits of materials such as copper, vanadium, zinc and gold.

    In contrast to mining superpowers such as Australia and Canada, where large sums are spent to gain as full a picture as possible of unexploited deposits prior to mining, he said investors in the UK and other European countries tend to be interested only in mining projects which are close to going into production and otherwise tend to prioritise “buying shares in a Unilever or a Glaxo”.

    Mr Stifano said: “The amount of exploration that has occurred in Canada and the US looking for minerals is hundreds if not thousands of multiples more than what has been spent in the UK.

    “What is lacking is support for exploration companies in order to build knowledge about these kinds of deposits so they can get into production. We need zinc, copper, cobalt, lithium, graphite and so on. It’s all over Europe [and] a lot of it is in the United Kingdom and we think we know where a lot of that is.

    “Really what’s lacking is the ability to raise the funds to go and look for it. Funding for exploration in Europe is next to non-existent and yet it has some of the best geology in the world.”

    A number of companies in Cornwall have advanced projects aimed at extracting lithium from the region’s granite and clay beds with the aim of meeting demand from manufacturers including Tata Group’s new £4bn battery “giga factory” to be built in Somerset. But despite the release earlier this year of a study by the British Geological Survey pinpointing eight areas of the UK which have the right geology to yield 17 of the 18 metals identified by the Government as critical to economic stability, industry sources say there is a dearth of exploration activity.

    Mr Stifano pointed to the existence of tax-deductible exploration investment schemes in Canada as a potential way to kickstart projects in Britain, adding that public funding may be needed to spark wider interest in a sector where China, which recently announced export restrictions on germanium, is taking an increasingly muscular stance.

    He said: “In the early days, you may need something like [public funding] because the culture is lacking. In Canada, people talk about discoveries and opportunities and mining. You go to Europe or the UK and it’s not part of the natural culture – people would much rather invest in a Unilever or a Glaxo or any of the big companies.

    “China is slowly going to be putting more and more export restrictions on critical metals and it is going to put a lot of pressure on the Western world because we stopped looking for those same metals.”

    The mining executive highlighted the fact that it has taken Galantas two years to obtain permission to drill one-inch diametre core samples at its Omagh site – a permitting process that would generally take a month in Canada or Australia – as an example of the logistical and procedural difficulties facing the exploration industry in the UK. Environmental groups have previously raised concerns about the impact of drilling near water sources and aquifers.

    Mr Stifano said he recognised the need for any mining company to act sustainably and responsibly but added he believes it is “no longer fair” for Western countries to source their materials from “poor countries with no regulation” and they should instead focus strongly on building homegrown industries.

    He said: “What I am trying to push at is the minerals industry needs support in the early stages. If we are going to move to electric vehicles and clean energies we have to find these critical metals, or they are all going to come from China.”

    The Government said it was supporting Britain’s critical minerals industry following the unveiling last year of a national strategy to grow domestic capabilities and announcement this week of a £24m investment in Cornish Lithium. In a statement, the Department of Business and Trade said: “Government continues to work with industry and finance communities to support private sector investment in critical mineral projects along the value chain.”

  • Cornish Lithium secures £53.6m to open first mine for the metal in Britain

    Cornish Lithium secures £53.6m to open first mine for the metal in Britain

    The startup opening Britain’s first lithium mine in Cornwall has secured $67m (£53.6m) of investment led by the UK Infrastructure Bank, in a much-needed boost to efforts to extract the metal that is used for making vehicle batteries.

    Cornish Lithium is to receive the funds from the Treasury-funded bank and other investors as part of a larger funding package of up to $210m (£168m).

    The funding package is expected to speed up progress towards British mining of battery-grade lithium compounds, which are key to production of batteries for electric vehicles and renewable energy storage.

    The investment is part of a push to boost financing for climate crisis-related infrastructure projects, and to create a hub for supplies of lithium to Europe from Cornwall.

    The initial investment is led by the UKIB alongside the Energy & Minerals Group (EMG), a US private investment firm focused on energy and minerals, and TechMet, which invests in clean energy and electric vehicle technologies and counts the US government’s development finance corporation among its backers.

    The UKIB and EMG will each put in £24m while TechMet, Cornish Lithium’s largest shareholder, is investing a further £5.6m, bringing its total investment in the business to £30m.

    Core samples from Cornish Lithium’s exploratory drilling at its research site, August 2022.
    Core samples from Cornish Lithium’s exploratory drilling at its research site, August 2022. Photograph: Jim Wileman/The Guardian

    Cornish Lithium aims to increase its 70-strong workforce to more than 300 people once it is in commercial production. It had warned in its annual accounts in June that there would be material uncertainty over its future if it did not raise bridge funding by July to buy it time before its next fundraising round. The company plans to raise a further £6.9m by selling shares to small shareholders through Crowdcube, with a focus on existing investors.

    Lithium is a vital ingredient in the current generation of batteries used in portable devices ranging from mobile phones to electric toothbrushes. But vastly more lithium will be needed for electric vehicles as combustion engines are phased out around the world.

    Cornish Lithium is one of several projects that seek to revive Cornwall’s 4,000-year-old mining heritage. Another company, British Lithium, has teamed with the French mining firm Imerys to start a mine in Cornwall and to extract enough lithium to power 500,000 electric cars a year by the end of the decade.

    Jeremy Wrathall, founder and chief executive of Cornish Lithium, said it was “essential to secure funding from institutional investors with the financial muscle to bring our projects into commercial production”.

    He said the funds would enable the company to advance its project at Trelavour, near St Austell, to “construction-ready status” and allow it to “complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility”.

    John Flint, chief executive of the UKIB, said: “Globally the supply of lithium is far outpaced by demand, and yet in the UK it remains a nascent market.”

    He said the investment would “greatly accelerate domestic production of a mineral which is critical to the future of electric vehicle battery production and decarbonisation of the transport sector”.

    Andrew Griffith, economic secretary to the Treasury, who visited Cornish Lithium on Tuesday, said the investment would improve the domestic supply of lithium, helping “the UK’s transition towards net zero whilst also boosting local and regional economic growth”.

    Kemi Badenoch, business and trade secretary, said that, coupled with Tata Group’s recent pledge to build a £4bn electric car battery gigafactory in Somerset last month, the investment would ensure the UK automotive sector is “well set for the future”.