The price of the material that’s vital to the energy transition has plunged by around 80% since late 2022.

The diversification strategy includes plans to expand into international mining to secure access to minerals including copper, cobalt and nickel, as well as lithium.

The metals and energy major plans to ramp up copper production from the mines to 300,000 tons a year and cobalt output to 6,000 tons.

Mercedes-Benz and Stellantis are currently in discussions with Serbia’s government to invest in the country.

Mines in the US go from discovery to production on an average of 29 years.

The financing will cover mining and production at Uley mine in Australia.

The carmakers are willing to follow Rio Tinto Group’s investment in the proposed Jadar mine.