India finds 5.9 million tonnes of lithium deposits, the fuel of the future

Feb 10, 2023 Credit: Canva

First big lithium deposit discovery in the country

The 5.9 million tonnes lithium deposit discovery is the first major one in India. Earlier in 2021, a 1,600-tonne reserve of lithium was discovered in Karnataka. Credit: Canva

India now has the sixth largest lithium reserves in the world

With the latest discovery, India’s lithium reserves are now the sixth highest in the world, only behind Bolivia, Argentina, Chile, Australia, and China. Credit: Canva

Bolivia has over a fifth of world’s discovered lithium reserves

Bolivia, a South American country, has over a fifth of the world’s total discovered lithium reserves, at 21 million tonnes. China signed a $1 billion deal in January with Bolivia to develop its reserves. Credit: Canva

Big boost to India’s decarbonization attempts

Lithium discovery will boost the Indian government’s attempts to decarbonize the economy. The government has set a goal of reaching net zero by 2030, with incentives to manufacture batteries locally. Credit: Canva

Lithium, the fuel of the future

Lithium is a key component of batteries powering electric vehicles. With countries increasingly pivoting towards EVs, lithium demand is expected to increase from 0.5 million metric tonnes in 2021 to 3-4 million metric tonnes by 2030, according to a McKinsey report. Credit: Canva

Identified lithium resources in the world at 98 million tonnes

According to the latest report by the US Geological Survey, total identified lithium reserves in the world stand at 98 million tonnes as of January 2023. Credit: Canva

Lithium mining is not environment-friendly

Extracting one tonne of lithium requires 0.5 million litres of water. It could also result in the poisoning of water reservoirs. Credit: Canva

Rising lithium demand has led to an increase in prices

A sustained rise in lithium demand has led prices to rise 3x in 2022. In November 2022, lithium prices hit an all-time high of $88,478 per tonne, up 202 percent over the same period in the previous year. Credit: Canva

Mining crucial minerals to increase 500 percent by 2050

According to the World Bank, the mining of crucial minerals will need to increase by 500 percent by 2050, to meet the global climate targets. Credit: Canva