Albemarle details efforts to boost its Chilean lithium output by 30%

The new legislation goes further than ever before, looking at not only the domestic mineral resources but the supply chains that refine the raw materials for electric vehicles.

Wesfarmers' bid for Australia's Kidman Resources undervalues the lithium miner, analysts said on Friday.

The electric vehicles pioneer is worried about the effects of booming demand for EVs will have on the supply of minerals needed to manufacture rechargeable batteries.

Among the commitments in the deal, the investor may earn into the option for the project by constructing a $20 million pilot plant for the processing of lithium brine.

The offer of A$1.90 per share represents a premium of 47.3% to Kidman's last closing price.

The World Bank is targeting a total investment of $50 million, to be deployed over a 5-year timeframe.

Global demand for strategic minerals like lithium, graphite and nickel will skyrocket by 965%, 383% and 108% respectively by 2050, according to the World Bank’s updated 2018 projections.

But with demand for lithium set to boom from above 300,000 tons a year to a million tons by 2025, mining companies need to grow fast and they prefer to do so in jurisdictions they know well.

Chile's government had been studying various options for royalty payments.