Two globe leaders compete to control this essential resource
Date
10/6/2024 9:03:41 AM
(MENAFN) Lithium, often referred to as "white gold," has emerged as a crucial resource in contemporary industries and technology. Its primary role in rechargeable lithium-based batteries makes it indispensable for storing renewable energy from solar and wind sources, as well as powering electric vehicles (EVs). The long lifespan and high energy density of lithium-ion batteries also make them vital for consumer electronics like laptops and smartphones.
As the global community pivots toward cleaner, more sustainable energy options, the accessibility of lithium could significantly influence the effectiveness and feasibility of various renewable energy initiatives in the years ahead. The surge in electric vehicle adoption is further amplifying the demand for lithium, with projections indicating that consumption could increase more than fivefold by 2030.
Currently, Australia, along with three Latin American countries—Chile, Argentina, and Bolivia—collectively known as the "Lithium Triangle," accounts for over 75% of the world's lithium supply. This resource is primarily processed in China, creating a complex global supply chain that is now a focal point of international competition.
In the midst of this worldwide race for critical minerals, India is striving to enhance its lithium supply chain through collaborations with African nations and other strategic initiatives. Establishing a consistent supply of raw lithium is vital for India's aspirations in electric vehicle production and overall supply chain security, especially as Africa holds immense potential in this domain. If successful, these efforts could position India as a formidable player in the global EV market.
### India’s Lithium Prospects
Lithium has rapidly ascended the ranks to become one of India's most vital minerals, classified as a "strategic mineral." However, the country currently lacks domestic lithium production and relies entirely on imports to meet its needs. A recent discovery in February 2023 of an estimated 5.9 million tons of inferred lithium ore in the Salal-Haimna area of the Reasi district in Jammu & Kashmir has significantly bolstered India's lithium outlook.
This discovery presents an opportunity for India to develop its own lithium resources, which could eventually reduce its dependence on foreign suppliers. As the country seeks to secure a foothold in the global lithium market, the strategic importance of this mineral cannot be overstated, especially in the context of India’s ambitions in the electric vehicle sector and the broader transition to sustainable energy.
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