In the race for lithium as a raw material for the production of electric cars, Russia and China are investing in the production of the light metal in Bolivia. Uranium One Group, a subsidiary of the Rosatom nuclear group, and Citic Guoan would spend about $1.4 billion (1.28 billion euros) to build two lithium plants in the Potosí department, Bolivia’s state-owned YLB said. At least 45,000 tons of lithium must be produced there each year.
Given the rise of electric cars and the rapidly increasing need for batteries, a global race for lithium, essential for the future of e-mobility, has begun. Chinese companies have already invested billions in Latin America and Africa to secure deposits. According to experts, China could hold about a third of the world’s lithium supply by 2025.
“These two agreements allow us to accelerate this industrialization process with two very important global companies,” said Carlos Ramos, president of YLB. The German company ACI Systems also wanted to mine lithium in the largest single lithium deposit in the world, the Salar de Uyuni, and had even signed a cooperation agreement with YBL. However, shortly before his resignation, then-president Evo Morales terminated the contract in 2018 due to protests in the Potosí region.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
