- The lithium price continues to trend as demand for EVs exceeds supply due to material and refinery bottlenecks.
- Most of the world's lithium is extracted from mineral-rich brine and hard rock deposits.
- Lithium Triangle alone possesses 47 million tonnes of lithium resources, nearly 65% of the world’s total.
Demand for critical minerals to manufacture batteries for electric vehicles (EV) has been increasing full on. Since mid-2021, the global EV industry has been struggling with the shortage of key battery materials, primarily due to the COVID-19 pandemic. This includes essential elements such as cobalt, lithium, nickel and graphite.
The lithium price continues to grow as demand for EVs exceeds supply due to material and refinery bottlenecks. However, lithium is not a rare mineral, and an ample amount of it is present in the world. It is the 33rd most abundant element present in nature and is distributed widely in trace amounts in soils, rocks, seawater, surface and ground. The good news is that there is plenty of lithium that the world needs to mine in order to satisfy the burgeoning demand for it.