BTR New Material Group, part of China Baoan Group, has shared plans to invest as much as US$496.6 million in building a new lithium-ion battery cathode factory in Morocco.

The new plant will be able produce 50,000 tons of cathode  for lithium-ion batteries a year,Shenzhen-based BTR said in a release. 

BTR will be responsible for investment and construction, while operations will be handed to a project firm to be set up in Morocco by BTR unit Bnuo International Holding, said.

Morocco has formed a complete industry chain for lithium-ion raw materials, including cobalt and phosphate, with its phosphate reserves reaching 50 billion tons, or 71 percent of the global total deposit.