It wants to raise £1m to support further drilling for subterranean lithium-bearing brines in the ancient mining region of Cornwall, south-west England.

Price momentum and structural economic reforms in India and China will also be key demand drivers.

VW has said it will buy 50 billion euros worth of battery cells and has identified Sweden’s Northvolt, South Korea’s SKI, LG Chem and Samsung SDI, as well as China’s CATL as strategic partners.

The changes greatly extend the purview of the Saudi Industrial Development Fund, which previously only provided financing to local manufacturing businesses.

Global holdings in gold-backed ETFs and similar products grew by 127 tonnes (equivalent to $5.5 billion in inflows) in June.

Russia is on its way to the top.