Chile’s Lithium Resources Surpass Previous Estimates by 28%

Chile has discovered a 28% increase in lithium resources, totaling an additional 3.05 million tons across specific salt flats. The new estimates strengthen Chile’s position as the leading holder of lithium reserves and outline plans for future mining partnerships, highlighting the project’s significance in the global market.

Recent studies have revealed that Chile’s lithium resources are 28% more than what was previously estimated. According to the National Mining Company of Chile (ENAMI), analyses of salt flats in the Antofagasta region indicate a significant increase in lithium deposits, particularly in the La Isla and Aguilar salt flats.

The La Isla flat is now estimated to contain 2.13 million metric tons of lithium, a 150% increase, while the Aguilar flat holds slightly under 1 million tons, reflecting a 40% rise. Collectively, these findings augment Chile’s lithium resources by 3.05 million tons, surpassing prior estimates by the United States Geological Survey (USGS).

Chile currently ranks as the third-largest holder of lithium resources globally, following Bolivia and Argentina, but it boasts the largest reserves at 9.3 million tons. The country is also the second-largest producer of lithium, with significant production from the Atacama salt flat, operated by SQM and US-based Albemarle.

In May, ENAMI is expected to select a partner for the mining of the two salt flats as part of the Salares Altoandinos project, marking a significant step for state involvement in lithium extraction. Proposals from various companies, including BYD, Eramet, Posco, and Rio Tinto, have been submitted. Additionally, CNGR Advanced Material and LG Energy are competing for financing support.

The new data, derived from external consultants using ENAMI’s exploration data, emphasizes the project’s significance. ENAMI’s head, Ivan Mlynarz, noted that this increase reinforces the potential of Salares Altoandinos as a world-class lithium venture.

The latest studies demonstrate that Chile possesses significantly greater lithium reserves than earlier estimates, positioning the nation as a crucial player in the global lithium market. With strategic partnerships on the horizon and notable production capacity, Chile is set to solidify its role in the industry while navigating the complexities of resource management and partnerships.

Original Source: www.mining.com