The new quota for the first batch is 84,000 tonnes, compared with a cap of 66,000 tonnes for last year’s first batch.

Three-year research project aims to deliver a sustainable source of rare earth magnets for electric and hybrid vehicles for the luxury car brand.

The White House plans to review gaps in domestic manufacturing and supply chains that are dominated by or run through “nations that are or are likely to become unfriendly or unstable,” CNBC reported.

"The government wants to know if the US may have trouble making F-35 fighter jets if China imposes an export ban," the FT reported.

The company already signed a non-disclosure agreement towards an initial 1,500-tonne-per-year offtake agreement for titanium metal powder.

General Motors, Ford Motor and Stellantis have all announced plans to manufacture electric vehicles in Canada.