Lithium is used in the production of batteries for electronics and high-tech products such as laptops, cell phones and electric vehicles.
The obsession of Western countries with the climate agenda and net-zero emissions, along with the booming electric vehicles market, further boosts the demand for lithium.
Lithium is extracted either from saltwater accumulations known as brines or from hard rock compounds called spodumene and lepidolite.
Last year’s estimates suggest that the largest reserves of lithium in the world, about 9.3 million metric tons, are controlled by Chile.
The second place is held by Australia (about 6.2 million metric tons) who is also regarded as the world leader in lithium mine production. The third spot is held by Argentina (3.6 million metric tons).
In terms of lithium resources, however, the undisputed leader is believed to be Bolivia who sits on some 21 million metric tons of the precious metal.
For comparison, while the runner-up Argentina has 20 million metric tons of lithium resources, the United States’ (third place) lithium resources are estimated at about 12 million metric tons.