Top 5 countries with largest lithium reserves in the world
Lithium is at present key to the EV industry. It means those who hold this key will run the EV industry around the world. So, let us see who has this lithium in what quantity.
We will focus on the top five countries boasting the largest lithium reserves, shedding light on their resource endowments, production capacities, and potential future developments.
This exploration will not only underscore the present positions of these nations but also offer an insight into the worldwide lithium market and its evolving dynamics.
Let’s start with the fifth nation in this list that is Australia
Lithium Resources as of 2024: 7.3 million tonnes
Australia stands as a global leader in lithium production, boasting an impressive reserve of 6,200,000 metric tons as of 2022.
The country’s total lithium resources were estimated at 7,900,000 metric tons. In 2022 alone, Australia produced 61,000 metric tons of lithium, representing nearly 47% of the world’s total production. This remarkable output is the result of both the expansion of existing mines and the development of new ones.
The growth in Australia’s lithium production is noteworthy, with a 10% year-over-year increase in 2022 and an expected annual growth rate of 20% in the coming years.
Key players in the Australian lithium market
📢 China’s Tianqi Lithium Corp,
📢 American Albemarle Corp.,
📢 Pilbara Minerals Ltd, Mineral Resources Ltd, and
📢 Jiangxi Ganfeng Lithium Co. Ltd.
4. United States of America
Lithium Resources as of 2024: 9.10 million tonnes
The United States ranks fourth in lithium resources, with an estimated 12,000,000 metric tons. 4. The United States of America stands as a global leader in lithium production, boasting an impressive reserve of 6.80 million tonnes as of 2023. However, its reserves are relatively modest at 1,000,000 metric tons. Despite this abundance, the U.S. primarily relies on lithium imports, as it has only one operational lithium production site. This site, operated by Albemarle Corp., is located in Clayton Valley near Silver Peak, Nevada.
Efforts are underway to increase domestic lithium production, with projects like the Thacker Pass mine by Lithium Americas Corp. showing promise.
3. Chile
Lithium Resources as of 2024: 9.80 million tonnes
Lithium Resources as of 2023: 9 million tonnes
Chile, part of the renowned “Lithium Triangle” along with Argentina and Bolivia, holds significant lithium reserves, with 9,300,000 metric tons recorded in 2022 and resources totaling 11,000,000 metric tons. This South American nation, known for its extensive Pacific coastline, is the second-largest global producer of lithium. In 2022, Chile produced 39,000 metric tons from its two major brine operations, managed by Albemarle Corp. and Sociedad Quimica y Minera de Chile.
2. Argentina
Lithium Resources as of 2024: 19,000,000 metric tons
Lithium Resources as of 2023: 17,000,000 metric tons
Argentina, another key member of the “Lithium Triangle,” boasts the second-largest lithium resource globally, with 20,000,000 metric tons and reserves of 2,700,000 metric tons. In 2022, Argentina produced 6,200 metric tons of lithium, making it the fourth-largest producer worldwide. The country currently operates two lithium production facilities: the Fenix project in Catamarca by Livent Corporation and the Salar de Olaroz mine in Jujuy by Allkem Ltd. Additionally, Argentina is advancing with six lithium projects under construction and 15 in the exploration or feasibility stage.
1. Bolivia
Lithium Resources as of 2024: 21,000,000 metric tons
Bolivia, nestled in the heart of South America and surrounded by Brazil, Paraguay, Argentina, Chile, and Peru, holds the largest lithium resources in the world, estimated at 21,000,000 metric tons. Despite this vast potential, Bolivia did not contribute to global lithium production in 2022. However, a significant development occurred in January 2023 when the Bolivian government selected a consortium, including Chinese battery giant CATL and mining giant CMOC Group Ltd., to construct a lithium extraction plant on its salt flats. This project, with an investment exceeding $1 billion in its first stage, marks a pivotal step in Bolivia’s lithium industry.
Key players in lithium production
📢 American Lithium Corporation (NASDAQ: AMLI)
📢 Rio Tinto Group (NYSE: RIO)
📢 Ganfeng Lithium Group Co., Ltd. (OTC: GNENY)
📢 Piedmont Lithium Inc (NASDAQ: PLL)
📢 Albemarle Corp. (NYSE: ALB)
Conclusion
The global landscape of lithium production is dynamic and rapidly evolving, with these top five countries playing pivotal roles. Australia and Chile lead in production, while the United States, Argentina, and Bolivia hold immense potential for future growth. As the demand for lithium continues to rise, driven by the surge in electric vehicle production and electronic devices, these countries are poised to significantly impact the global market. Their resources and strategic initiatives will not only shape their economic futures but also influence global trends in energy and technology.
