The battery metal that was supposed to power Glencore's earnings has rapidly turned into a liability.

But Fitch analysts remain positive on both lithium and cobalt and expect prices to recover, as EV demand for both metals catches up to supply.

The plant will convert lithium carbonate feedstock sourced from the Olaroz project in Argentina into battery grade lithium hydroxide.

The miner said results suggest Youanmi could provide critical local feedstock for its lithium-cathode and battery business units.

SK Innovation will purchase 100% of the battery-grade cobalt sulphate and nickel sulphate produced from Australian Mines' flagship Sconi project.

After years on the block, BHP declared its nickel business core in May on the back of promising demand expectations from the electric vehicle industry.

Battery producers and electric automakers, including Tesla, are concerned over longer-term supplies of nickel.