Is lithium going to be a repeat? Well, the numbers aren’t too encouraging. According to local lithium leaders such as Galaxy Resources, the world currently uses 110,000 tonnes of lithium a year, likely to rise to 300,000t in 10 years.
Salar de Atacama, a single salt flat in Chile, is estimated to contain a resource of between 7.5 million and 35.7 million tonnes of lithium.
Described as “the Saudi Arabia of lithium”, that lower number of 7.5Mt represents 68 years of supply at today’s rate of consumption, and 25 years at the forecast rate of demand in 10 years time.
At the upper resource estimate Salar de Atacama contains 324 years of current demand and 119 years of forecast demand in 10 years.