Countries all over the world are desperately trying to find new lithium sources, following the Russian invasion of Ukraine, as Eastern Europe has some of the largest natural lithium reserves in the world.
It is thought there are 500,000 tons of the mineral in this region, meaning it is pivotal in supplying lithium, which is an essential component in lithium-ion batteries used in electric vehicles (EVs).
As more people swap their petrol or diesel cars for EVs, demand for lithium has soared over the last few years.
However, due to the conflict between Russia and Ukraine, which began in February 2022, it has not been possible to source lithium from Eastern Europe recently.
Therefore, Oil Price recognises: “The race is on around the world to find new sources of lithium.”
Without additional sources, the price of lithium is soaring, with the publication saying: “As EV demand rises off record gas costs, so too are lithium consumption and lithium prices.”
In fact, lithium prices have surged by 500 per cent in the last year alone.
It noted that China, which is one of the largest EV markets globally, is looking for lithium in Africa, while South America and Australia are also being considered for the mineral.
South African minister of mineral and energy resources Gwede Mantashe even told delegates at Investing in African Mining Indaba, the largest mining investment event in Africa, that the continent has an abundance of resources, CN News reported.
He said the “minerals of the future”, including lithium, copper, cobalt, nickel, and zinc, provides Africa with lots of potential.
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