World News | China fears losing position as Latin Americans prepare to become major lithium supplier

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beijing [China]Nov. 11 (ANI): China grows ominous as Argentina, Bolivia and Chile plan to form an Organization of the Petroleum Exporting Countries (OPEC)-style deal to determine lithium production and price, as the Global demand for the metal has seen an increase over the past two years, Geoplotica reported.

Beijing is the largest manufacturer of lithium-ion batteries and accounts for 80% of the world’s lithium-ion battery manufacturing.

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According to the US Geological Survey, Bolivia is home to 21 million tons of the 89 million tons that make up the world’s known lithium resources, while Argentina and Chile are responsible for about 32% of the world’s production, which also explains why China will now find it difficult to maintain its monopoly on the pricing of the lithium market.

Lithium is used to make rechargeable batteries for cell phones, laptops, cameras, electric vehicles, pacemakers and toys.

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Analysts say Argentina plans to use direct lithium mining (DLE) technology with Bolivia and Chile to become a global supplier of the metal.

There is an attempt in lithium-producing countries to increase production of the metal and make a profit by raising its price, Geopolitica reported citing analysts.

Notably, Argentina is a strong supporter of an OPEC-style deal and is also pushing to make the region a hub in the lithium supply chain.

Latin American countries plan to increase their production and develop their own lithium refining units.

China continues to dominate rare earth elements in the world, while the West pushes for self-sufficiency in the supply of rare metals and minerals.

In addition, China holds over 60% of the world’s lithium refining capacity, but has less than 6% of the world’s total lithium reserves. China does not produce a lot of minerals and has instead invested heavily in other countries to acquire the raw materials it needs.

Moreover, Western countries are now trying to reverse China’s dominance in the field and create a new supply chain. (ANI)

(This is an unedited and auto-generated story from syndicated newsfeed, LatestLY staff may not have edited or edited the body of the content)

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