China Becomes Second-Largest Lithium Holder after New Mine Discovery, Boosting EV Battery Sector
China may have more bargaining power in the electric vehicle and battery sectors, though in an unexpected way. According to a report from Interesting Engineering, citing Chinese news agency Xinhua, the country has become the world’s second-largest holder of the lithium reserves, as it announced the discovery of a massive spodumene belt in Tibet.
As per the reports, China has nearly tripled its lithium reserves accordingly. The country, previously holding 6% of global lithium reserves, now controls 16.5% of global reserves, surpassing Australia, Argentina, and Bolivia, second only to Chile.
The Interesting Engineering report notes that China recently reported a major lithium reserve increase with a 1,740-mile (2,800 km) spodumene belt in Tibet, which is a hard rock ore that is a vital source of lithium. Initial estimates cited by the report suggest the belt may hold over 6.5 million tons of lithium, potentially up to 30 million tons.