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January 8, 2024
Total global resources of Lithium are estimated to be about 98 million tonnes. Of this total resource, only about a quarter (26 million tonnes) are proven reserves. Chile accounts for about 1/3 of global proven reserves (9.3 million tonnes) followed by Australia at about 25% (6.2 million tonnes) and Argentina at 10% or 2.7 million tonnes). The majority of global lithium reserves are from stable, or relatively stable, regions and therefore shouldn’t result in supply disruptions or shortages caused by political instability unlike other raw materials utilized in the production of EV batteries. Although Incorrys estimates the global reserves life for lithium is over 25 years more Lithium resources must be developed to satisfy demand for batteries. Incorrys expects Lithium refining, not mining, will be the main bottleneck in Lithium supply. With new refining capacities coming on market, the Lithium price is expected to remain high until at least 2030. This will raise the price of batteries on a per kWh basis. Lower battery prices will likely require technological improvements. As a result, many battery technology applications for large trucks and large stationary energy storage are likely to be uneconomic.
Note: Reserves are a subset of resources that have been evaluated and deemed commercially viable for production.
See also:
Global Refined Lithium Production 2010-2022
Lithium Price 2010-2023
Global Lithium Ore Production and Forecast 2010-2030
Global Refined Lithium Production and Forecast 2010-2030
References:
US Geological Survey – Mineral Commodity Summaries 2023