Chile has 28% more lithium than previous estimates, studies find
Tweet
Share
E-mail
FILE PHOTO: Brine pools of SQM lithium mine are pictured at the Atacama salt flat, in Antofagasta region, Chile, May 3, 2023. REUTERS/Ivan Alvarado/File Photo
By Daina Beth Solomon and Fabian Cambero
SANTIAGO (Reuters) - Chile's total lithium resources are 28% greater than previously estimated, according to new studies of salt flats in the northern Antofagasta region that show a higher amount of the battery metal, state mining body ENAMI said on Monday.
A new analysis shows that the La Isla salt flat holds 2.13 million metric tons of lithium, up 150% from a prior estimate, while the Aguilar salt flat holds just under 1 million tons of lithium, an increase of 40%, according to ENAMI.
Together, ENAMI said, they add 3.05 million tons of lithium to Chile's total resources, which the U.S. Geological Survey had previously estimated at 11 million tons.
Resources refer to the size of a mineral deposit, while reserves refer to the amount that can be realistically and economically mined.
According to USGS, Chile is the world's third-largest holder of lithium resources, after Bolivia and Argentina, but is the No. 1 holder of lithium reserves, with 9.3 million tons.
Chile is also the second-largest lithium producer globally, with its Atacama salt flat providing output for state-run miner SQM and U.S.-based Albemarle.
In May, ENAMI is set to choose a partner to jointly mine the two salt flats studied as part of the Salares Altoandinos project, which marks one of the state's first ventures into lithium production.
ENAMI has received proposals from Chinese carmaker BYD as well as miners Eramet, Posco and Rio Tinto. CNGR Advanced Material Co and LG Energy are vying to provide financing.
The fresh data on resources is based on analysis from external consultants that use ENAMI's exploration numbers.
"This confirms that Salares Altoandinos is a world-class project," said ENAMI head Ivan Mlynarz.
(Reporting by Daina Beth Solomon and Fabian Cambero; Editing by Bill Berkrot)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Russia pounds Kyiv with missiles
- Warsh raised changing frequency of Fed policy meetings, NYT reports
- US Commodity Futures Trading Commission fines George Santos for alleged manipulative trading
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
