Bolivia's confirmed lithium reserves have seen a significant boost, rising by 2 million tons to a total of 23 million tons, as announced by President Luis Arce. This development reinforces Bolivia's status as the nation with the world's largest known lithium deposits, a crucial component in battery production.
President Arce emphasized the importance of strategic management and utilization of this valuable resource during his visit to the Coipasa salt flat. This announcement comes at a time of heightened global demand for lithium, driven by the increasing adoption of renewable energy technologies and electric vehicles.
The upward revision in reserve estimates follows extensive geological surveys conducted in the Coipasa and Pasto Grandes salt flats, as explained by Raul Mayta, Vice Minister of Exploration and Exploitation of Energy Resources. Bolivia is actively seeking international collaborations to develop its lithium reserves and capitalize on the growing global demand.
President Arce's administration is focused on accelerating Bolivia's participation in the international lithium market, aiming to catch up with neighboring Chile and Argentina, both significant players in the lithium triangle. Recent agreements with China's Citic Guoan and Russia's Uranium One Group, along with a separate deal with China's Contemporary Amperex Technology, underscore this commitment, with substantial investments pledged for lithium production facilities.
While Bolivia holds the largest reserves, global lithium production is currently led by Australia, followed by Chile and China, according to the U.S. Geological Survey. Argentina holds the second largest reserves globally, followed by the United States.
