Electra launched its black mass demonstration plant at the end of December 2022.

The carmaker has long said it is working towards setting up regional supply chains in Europe, North America and China.

The energy crisis has hurt production of several key industrial commodities, exacerbating worries about supply.

Over the next two years, China’s share of cobalt production is expected to reach half of global output.

The block in the northern federal territory of Jammu and Kashmir is the first known lithium reserve in the country.

UBS expects Chinese-controlled mines, including projects in Africa, to raise output to 705,000 tons by 2025.

US President Joe Biden and European Commission President Ursula von der Leyen agreed on Friday to immediately begin negotiations.