Now Iran has also discovered lithium in large quantities. Iran says it has discovered large reserves of lithium in one of its western provinces. Lithium is used to make batteries, which are used in mobile phones and electric vehicles. “Lithium deposits have been discovered in Hamedan for the first time in Iran,” Mohammad Hadi Ahmadi, an official at Iran’s Ministry of Industry, Mines and Trade, said on Saturday.
The ministry believes that there are 8.5 million tonnes of lithium in this reserve. Lithium is also sometimes referred to as white gold. According to Iran’s claim, it has the second largest lithium reserve in the world.
US Geological Survey
According to the US Geological Survey, Chile has the world’s largest lithium reserves with 9.2 million metric tons of the metal. It is the most important component for making electric vehicle batteries, cellphones, laptops and other lithium ion batteries.
increase in lithium prices
Due to the high demand for electric vehicles and the scarcity of lithium, its price skyrocketed last year. However, this year the demand for electric vehicles has decreased, so the price of lithium has also seen a decline.
If Iran’s claim of getting lithium turns out to be true, it would be good news for the country’s economy. Iran has been facing international sanctions for the past several years. In such a situation, the export of lithium can give him relief. However, his business friends will be limited.
Lithium prices will fall
Lithium exploration continues in the world. It has also been found in many countries. But if their reserves continue to be found like this, then there is a possibility of a fall in the price of lithium. Analysts at Goldman Sachs expect lithium prices to decline further. In addition, it is expected that from next year, the supply of lithium will increase by 34 percent every year. Iran is one of the world’s top oil and gas producers. But due to restrictions, he is not able to export much of it.