The deal comes after a disagreement between the companies over adjoining lithium deposits in the area.

Albemarle has now agreed to pay $820 million for a 60% stake in the Wodgina mine, down from $1.15 billion for a 50% stake agreed in late 2018.

The ruling from the U.S. District Court for Arizona challenged the U.S. Forest Service's June 2017 decision that enabled the company to move forward with a mine plan.

On Wednesday, Vale reported a $133 million quarterly loss, confounding analysts expectations of a $2.84 billion profit for the period.

Three Indian state-run companies are to form a joint venture to buy mining assets overseas.

The approval allows for 30,000 metres of underground exploration drilling.