Mining international waters is in the spotlight as companies are looking at minerals concentrated on the ocean floor that can be used in batteries for smart phones and electric vehicles.

While the auto giant has EV metals contracts with suppliers across the globe, its goal to produce 20 million vehicles annually by 2030 will require vastly more supplies of metals.

Redwood currently recycles lithium, cobalt, copper and aluminum from several sources, including the Nevada battery plant jointly owned and operated by Panasonic and Tesla.

“Much of the new developments involve smaller players in China looking to secure resource supply overseas," BloombergNEF analyst says.

Nickel futures finally tumbled back below the level where the London Metal Exchange market closed March 4.

CEO Neal Froneman wants to make the metals that are key to powering the EV revolution a third pillar of Sibanye’s operations.

Representatives of Tesla were currently in Indonesia and due to visit the nickel production hub of Morawali on Sulawesi island.