U.S Discovers World biggest Lithium Deposit Reserve

Over the past few years, the lithium boom went into overdrive as EV makers like Tesla Inc. (NASDAQ:TSLA) scrambled to secure supplies amid rapid EV growth and tight supplies. The lithium bonanza sent lithium carbonate prices up more than six-fold and spodumene up nearly tenfold in the space of just two years. 

Unfortunately for the bulls, the lithium bubble finally burst in late 2022 and sent prices crashing thanks to slowing EV demand as well as an influx of fresh supply mainly from China, Australia and Chile. Lithium carbonate prices in China currently sit at CNY 205,000 per tonne, a fraction of the nearly CNY 600,000 per tonne peak they hit in November 2022.
And, it appears the lithium bulls might not catch a break any time soon. Reports have now emerged that the U.S. may have fortuitously discovered lithium deposits bigger than Bolivia’s salt flats, home to the world’s biggest lithium reserves. 

While the discovery itself is not news, a new study published in the journal Science Advances now estimates that the McDermitt Caldera, a volcanic crater on the Nevada-Oregon border, harbors 20 to 40 million metric tons of lithium deposits, nearly double Bolivia’s 23 million metric tonnes at the upper range.

source: oilprice.com

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