Shareholders of Chilean miner SQM voted on Friday to greenlight a plan to raise $1.1 billion through the sale of common stock to help underwrite an expansion of its lithium, nitrate and iodine operations, a company spokesperson told Reuters.

The world’s No. 2 lithium producer expects the capital will help finance its previously announced $1.9 billion, four-year investment plan, which aims to more than double its capacity to produce lithium carbonate in Chile to 180,000 tonnes annually from 70,000 tonnes. Funds might also be put toward its Mount Holland lithium project in Australia.