The global cobalt industry is set to receive a significant boost from the worldwide shift to a green economy, Fitch says.

Elon Musk announced the move at the Austin plant Thursday during the electric-vehicle maker’s shareholder meeting.

The world’s second-largest producer of iron ore continues to weigh up the pros and cons of forming a separate company with its copper and nickel mines in Canada, Brazil and Indonesia.

Stellantis, Bill Gates' Breakthrough Energy Ventures and others have invested millions of dollars or signed supply agreements with so-called direct lithium extraction (DLE) start-ups.

A state agency had suspended its operating license due to an alleged non-compliance with local regulations.

It said part of the problem was the value of the business, which brings in $3.5 billion in revenue a year.

Thacker Pass, in Humboldt County, Nevada, is considered to be the largest known lithium resource in the US.