The green energy industry relies heavily on lithium for its use in electric vehicles, driving significant growth in the sector. To sustain this momentum, an increase in lithium supply is crucial. According to a report by the Center on Global Energy Policy, demand for lithium has surged in recent years and is expected to multiply by tenfold by 2050. This growing demand equates to an annual increase of 250,000 to 300,000 tons of lithium carbonate equivalent, nearly half of the total lithium supply in 2021.
As of 2023, lithium production has seen a notable increase, reaching around 171,000 tons with a projected compound annual growth rate of 13% until 2030. With the industry on the rise, Canadian lithium stocks are gaining attention for potential investors.
Globally, there are currently 34 operational lithium mines, as reported by GlobalData. Among them, the world’s 10 largest lithium mines include:
1. Greenbushes Lithium Operations – Located in Western Australia and owned by Talison Lithium.
2. Salar de Atacama Mine – Owned by Sociedad Química y Minera de Chile (SQM) in northern Chile.
3. Wodgina Lithium Mine – Jointly owned by Albemarle and Mineral Resources in Western Australia.
4. Salar de Atacama Mine (Albemarle) – Another lithium mine located in Chile and owned by Albemarle.
5. Mount Marion Lithium Project – Owned by Ganfeng Lithium Group in Western Australia.
6. Pilgangoora Project – Owned by Pilbara Minerals in Western Australia.
7. Chaerhan Lake Mine – Located in Qinghai, China and operated by Qinghai Salt Lake Industry.
8. Ngungaju Plant Project – Also owned by Pilbara Minerals in Western Australia.
9. Salar del Hombre Muerto Mine – Owned by Arcadium Lithium in Catamarca, Argentina.
10. Jiajika Project – Operated by Ganzizhou Rongda Lithium in Sichuan province, China.
The lithium mining industry is expected to see substantial growth, with the sector’s valuation projected to reach US$3.4 billion by 2032, driven by regions like the Asia Pacific. Australia and China play significant roles in lithium production, catering to the increasing demand for lithium in electric vehicles and electronics manufacturing. For investment-related considerations, it is advised to seek professional financial advice and conduct due diligence.
