According to Chilean President Gabriel Boric. The nation’s lithium industry will be nationalised, and a state-owned corporation will be established to produce the metal. Which is a crucial component of the batteries use in electric vehicles.
However, It would only be made through state-controlled public-private partnerships. Chile is the second-biggest producer of lithium and has the largest lithium reserves in the world.
The following are significant facts about the world’s lithium market.
Currently, hard rocks or brine mines generate lithium.
Australia is the largest provider in the world and produces from hard rocks mines. Salt lakes are the main source of production in Argentina, Chile, and China.
The world produced 737,000 tonnes of lithium carbonate’s equivalent (LCE) in 2022. And it is anticipate to reach 964,000 tonnes in 2023 & 1,167,000 tonnes in 2024, according to the Australian Department of Industries, Science, Resources and Energy Quarterly Report from March.
Gains in output are anticipate in Australia, Chile, and Argentina to accommodate rapid expansion.
By Talison Lithium, a partnership between Tianqi Lithium, IGO, and Albemarle (NYSE:ALB) Corp., in Greenbushes, Western Australia. Currently, 1.34 million tonnes of chemical- & technical-grade lithium concentrate may be produce annually.
Spodumene concentrate is produce at Pilgangoora, Western Australia, which is owne by Pilbara Minerals. Two extensions are currently under construction to boost annual production capability to one million tonnes.
In 2022, Allkem, the business created by the union of Orocobre (OTC:OROCF) & Galaxy Resource (OTC:GALXF), generated 194,000 tonnes of spodumene concentrate at Mt Cattlin, Western Australia.
The Advanced Metallurgical Group-owned Mibra plant in Minas Gerais, Brazil, now produces 90,000 tonnes of spodumene annually, with plans to increase production to 130,000 tonnes by the close of Q2 2023.
As of August 2022, the Mineral Resources Ltd.-owned Mount Marion, Western Australia, was on pace to generate 450,000 to 600,000 tonnes of spodumene, with a planned increase to 900,000 tonnes per year being postpone until July 2023.
The Sociedad Quimica y Minera de Chile (SQM)-owned Salar de Atacama in Antofagasta (LON:ANTO). Chile, currently produce 180,000 tonnes of lithium carbonate year and anticipates reaching 210,000 tonnes by 2024.
Beginning in 2024, Ganfeng Lithium will begin producing 30,000 tonnes of lithium carbonate at the lithium salt lake in Pozuelos-Pastos Grandes, Argentina, with the option to increase production to 50,000 tonnes.