“Lithium is in high demand worldwide and Brazilian lithium reserves are now recognized as some of the best in yield and purity upon processing,” Areli Nogueira, vice president of exploration said in the statement.
Producers of the key element used to make the batteries that power electric vehicles (EVs) and high tech devices announced between late 2019 and early 2020 plans to boost output of lithium ahead of an expected spike in demand.
The covid-19 pandemic, however, temporarily slammed the brakes on the EV revolution, driving down prices, denting profits and forcing many companies to put expansion projects on the back burner.
Plans to expand existing mines and projects are expected to resume this year. Chile’s SQM, the world’s No. 2 lithium miner, said in December it was ready to begin the process of raising $1.1 billion in capital to help underwrite an ambitious expansion of its lithium, nitrate and iodine operations.