Chile’s Lithium Resources Increase by 28%, Signifying Major Market Potential

Chile’s lithium resources are now estimated to be 28% greater than previously thought, with significant increases reported in the La Isla and Aguilar salt flats. The USGS report indicates Chile as the leading holder of lithium reserves and the second-largest producer globally. ENAMI is preparing to select partners for further mining efforts, showcasing the country’s growing role in the lithium market.

Recent studies have revealed that Chile’s lithium resources are 28% higher than prior estimates, as reported by the state mining body ENAMI. New evaluations of the salt flats in the northern Antofagasta region indicate that the La Isla salt flat contains 2.13 million metric tons of lithium, representing a 150% increase from earlier projections. Additionally, the Aguilar salt flat has been found to hold slightly less than 1 million tons, a 40% rise from previous estimates.

In total, these findings contribute an additional 3.05 million tons of lithium to Chile’s overall resources, which the US Geological Survey had estimated to be 11 million tons. It is important to note that resources denote the size of a mineral deposit, while reserves refer to the commercially viable amounts available for extraction. The USGS ranks Chile as the third-largest lithium resource holder globally, behind Bolivia and Argentina, yet it remains the top holder of lithium reserves at 9.3 million tons.

Chile stands as the second-largest lithium producer worldwide, with the Atacama salt flat supplying output for state-run miner SQM and the US-based Albemarle Corporation. ENAMI plans to select a partner in May for the joint mining of the two studied salt flats as part of the Salares Altoandinos project, marking a significant state initiative in lithium production.

Proposals have been submitted from notable companies such as BYD, Eramet, Posco, and Rio Tinto, while CNGR Advanced Material and LG Energy are in the running to secure financing. The recent resource data was derived from analyses by external consultants utilizing ENAMI’s exploration figures. Ivan Mlynarz, head of ENAMI, stated that “This confirms that Salares Altoandinos is a world-class project.”

In conclusion, Chile’s lithium resources have exceeded earlier projections, revealing significant potential for the country’s lithium production. The La Isla and Aguilar salt flats contribute notably to this increase, positioning Chile prominently in the global lithium market. With upcoming partnerships planned for lithium mining, the country is poised to expand its influence in the energy sector, subject to additional scrutiny and involvement from local Indigenous groups seeking more control over the resources in their territories.

Original Source: www.mining.com