A French-UK joint mining venture in the St Austell area of Cornwall has been announced. The project will provide battery-grade lithium carbonate, a key component in electric cars. It will create more than 300 jobs, and the site has reserves lasting for around 30 years. The venture aims to operate the UK's leading lithium hub within five years; its target is to supply 500,000 electric cars per year with the component by the end of the decade. This would meet roughly two-thirds of Britain's estimated battery demand. A spokesperson said drilling and exploration have been carried out since 2017, and a process and pilot plant has been developed. The project has received financial support from Innovate UK and the Automotive Transformation Fund, a programme to support the electrification of vehicles and their supply chains in the UK.