News Desk
ISLAMABAD/LA PAZ: Catl, a giant Chinese battery firm, won a bid to develop Bolivia’s vast lithium reserves.
The production of ultra-light metal often used in electric vehicle (EV) batteries, was expected to soar as fossil fuels were being phased out.
Bolivian President Luis Arce said that the Catl was launching the “historic” industrialisation of lithium in Bolivia.
According to the BBC, he said that over $1 billion will be invested in the high-profile project in the first phase.
Australia and Chile were the world’s largest lithium producers, but Bolivia had vast reserves in the Potosi and Oruro salt flats.
Bolivia’s estimated reserves
Technical bottlecks and a lack of infrastructure have long stalled the extraction of lithium in Bolivia, whose reserves were estimated at 21 million tonnes.
Bolivian president said that his country was also negotiating with other foreign frims for potential partnerships.
According to Reuters, the foreign firms included US company Lilac Solutions, Russia’s Uranium One Group and three other Chinese companies.
Arce said that the goal was to export lithium batteries expectedly in the first quarter of 2025.
Argentina, Bolivia and Chile share a stretch of salt flats called the “lithium triangle”, possessing more than 75 per cent of the world’s lithium reserves.
