A newly-discovered lithium deposit in the United States is claimed to dwarf those found in Chile and Australia.
Geologists and volcanologists from GNS Science, the Oregon State University, and Lithium Americas Corporation discovered it.
New Lithium Deposit in the US Estimated To Be Around 40 Million Metric Tons
According to Fox Business' latest report, lithium deposits were discovered along the Nevada-Oregon border, specifically in the McDermitt Caldera.
The chemical element resources are found inside an extinct volcano. Scientists said the deposit contains around 20 to 40 million metric tons of lithium ores.
If this is true, this lithium deposit would be the largest in the world, dwarfing those found in Australia and Chile.
Anouk Borst, a Belgian geologist involved in the deposit's discovery, explained that their findings could drastically change the dynamics of lithium globally in terms of security and price of geopolitics.
Peter Zeihan, a geopolitical strategist, warned that there hadn't been significant prospecting in the area where the deposit was found. But, he believes that the discovery is still promising.
"Regardless of where we get ore from, we know we're going to have to be able to process lithium ore into concentrate to make lithium metal and batteries and such," he explained.
The discovery of the American lithium deposit happened as the lithium output is expected to triple over the next decade.
What It Means For EV Makers?
Recent statistics showed that the lithium supplies globally would increase by three folds. However, the demand for EVs, such as electric sports cars, sedans, and SUVs, could exceed the lithium supply.
Experts estimated that each EV battery needs around 7 kg (17 lbs) of lithium. Aside from this, they also require other metals, including nickel and cobalt.
Increasing lithium supplies will not be enough if the rising demand for EVs continues. Although this is the case, Clean Technica reported that the discovery of the lithium deposit on the Nevada-Oregon border is still a big deal for the US.
The deposit can help American EV makers reduce reliance on China's lithium supplies. Thomas Benson, one of the study's authors about the newly discovered lithium deposit, said they plan to mine the dormant volcano in 2026.
"If they can extract the lithium in a very low energy-intensive way or in a process that does not consume much acid, then this can be economically very significant," explained Borst.
He added that if lithium mining succeeds, the US will start having its lithium supplies, and the American EV industry will be less scared of supply shortages.
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