The rule states that 45% of the value of an electric vehicle should originate in the EU or UK to qualify for trade without a 10% tariff being applied.France-based Imerys expected that the deal would make it Europe's top producer of Lithium.The project was expected to cost"hundreds of millions" in investment, the company's chief executive Alessandro Dazza told reporters, adding it was too early to give precise figures.
The project, while smaller than its existing plan to mine lithium in central France, had the advantage of being an open pit mine with a nearby processing facility.Imerys took an 80% stake in British Lithium to establish the partnership. Business and Trade Secretary Kemi Badenoch said:"This joint venture between Imerys and British Lithium will strengthen our domestic supply of critical minerals, which is vitally important as we seek to grow the UK's advanced manufacturing industry and help create the jobs of the future.
"This partnership shows again that the UK remains an attractive destination for international investment and will boost economic prosperity, support green industries, and bolster our energy security - not only in Cornwall, but right across the UK."
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