The global lithium industry will need at least $10-12 billion in investment over the next decade

The global lithium industry will need to invest at least $10-12 billion over the next decade to meet the growing demand for plug-in electric vehicles, according to SQM, a Chilean company.

Daniel Jimenez, senior vice president of business at SQM, also pointed out that lithium demand is expected to increase by another 600,000 to 800,000 tons of lithium carbonate equivalent in the next 10 years or so.

This was proposed at a recent meeting in Shanghai on metal notification battery materials, and demand is expected to grow significantly.

Further information was provided: "SQM's projections are based on typical undeveloped investment expenditures per tonne of lithium carbonate equivalent. Historically, the industry underestimated demand for lithium and overestimated supply. "

"The company is currently producing 48,000 tons of lithium carbonate a year in Chile and will expand to 70,000 tons this year and 100,000 tons next year. "Jimenez said.

The Chilean authorities recently announced approval for $754 million to invest in New lithium mines in the country.

While such news does not in itself mean much, it has only come to the fore as sales of plug-in electric vehicles appear to be on a fast track and battery-based energy storage products and projects have become more common.

Presumably, more announcements about large-scale investment in the lithium industry are expected in the near future.

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