(MENAFN) In February, the Iranian Industry, Mining, and Trade Ministry announced that they had discovered one of the largest lithium reserves in the world. The discovery was made in western Hamedan Province and is estimated to hold up to 8.5 million tons of the element. Iran's industry officials suggest that the country could hold up to 10 percent of the world's total global reserves.
The United States Geological Survey, which maps raw materials deposits across the planet, has estimated the world's total lithium reserves at approximately 89 million tons. Considering this estimation and that of the Geological Survey and Mineral Explorations of Iran (GSI), the reserve found in Iran could be one of the largest lithium ore discoveries in the world. If properly harnessed, it could greatly support Iran's manufacturing sector and boost its exports.
Lithium is commonly referred to as the 'white gold' and is a critical metal for the planet's ecological transition due to its key role in making batteries for electric vehicles and devices. In other words, lithium is considered one of the most significant elements in the global push for net-zero by 2050. Due to surging demand for electric vehicles, lithium prices rose by around 550 percent in 2021. Prices rose to as high as USD86,170 a ton in November 2022 but have since come down to around USD52,000 a ton.
Experts believe that the value of the lithium-ion battery market is going to grow to USD193.13 billion by 2028, making it a strategic aim for many countries to secure their supply of lithium. Iran's discovery of such a vast lithium reserve could revolutionize the global mining industry, particularly with the increasing demand for electric vehicles and the drive towards a net-zero future.
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