From our archive
Written in early 2022. The market figures are from that time. For newer work, see our webinar on financial modelling for mining projects.
Lithium has been one of the success stories of the shift to electric vehicles (EVs), because it goes into the batteries that power them.
In January 2022 McKinsey predicted that the market for lithium batteries would grow to at least US$360 billion by 2030, an average of 20% a year, as The Guardian reported in February 2022.
Oil shaped the energy system for a century. As the world moves to clean energy, critical minerals such as lithium are redefining energy dependency.
Demand for EVs has been driven by rising consumer awareness and government incentives, together with financial institutions and investors looking for green investments. Technology advances over the previous 10 years also cut the price of EV batteries by 80%.
Lithium was one of the most sought‑after commodities, and countries that depend on imports, such as the US, were working to secure their supply chains.
Australia, on the other hand, produced 49% of the world’s lithium. Add Chile and China and that was 88% of global supply.
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