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The country produced 96,053 tonnes of the white metal, which is used to make electric vehicle batteries, in 2018.

The company's proposed production facility at Kwinana, near Perth in Western Australia, would manufacture battery graphite worth $72 million a year for export.

Tianqi last December bought a 23.8 percent share in SQM from Canadian fertilizer company Nutrien for $4.1B, the largest deal in history for a lithium asset.

The Canadian start-up has secured the bulk of the $150 million it needs to carry out its first feasibility studies.

According to Sweden's Deputy Minister of Foreign Trade and Promotion, the country has become lithium-thirsty due to an increase in demand for electric cars.

While Australia-based Lynas cannot match China's rare earth processing capability, it is hoping that its role as the largest rare earth miner and the largest processor outside of China will help it forge new relationships and fuel expansion projects.

Geomega Resources is improving its proprietary ISR technology as it moves closer to being Canada’s first rare earth elements recycler and the only one outside China.