Germany secures access to vast lithium deposit in Bolivia

BERLIN (Reuters) - Germany and Bolivia on Wednesday sealed a partnership for the industrial use of lithium, a key raw material for the production of battery cells, in an important step to become less dependent on Asian market leaders in the dawning age of electric cars.

Interest in battery metals such as cobalt, nickel and lithium is soaring as the auto industry scrambles to build more electric cars and cut noxious fumes from vehicles powered by fossil fuels in light of stricter emission rules.

“Germany should become a leading location for battery cell production. A large part of production costs is linked to raw materials,” German Economy Minister Peter Altmaier said.

“German industry is therefore well advised to secure its needs for lithium early in order to avoid falling behind and slipping into dependency,” Altmaier said, adding that the deal was “an important building block” to secure this supply.

With the joint venture, Bolivian state company YLB is teaming up with Germany’s privately-owned ACI Systems to develop its massive Uyuni salt flat and build a lithium hydroxide plant as well as a factory for electric vehicle batteries in Bolivia.

ACI Systems is also in talks to supply companies based in Germany and elsewhere in Europe with lithium from Bolivia.

The joint venture aims to produce up to 40,000 tons of lithium hydroxide per year from 2022 over a period of 70 years.

For Germany, the public-private partnership is part of wider government efforts to support the production of battery cells in Europe and help companies get more control over the value-added chain of electric vehicles.

Click here to continue reading...

 

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest

MARKET SUMMARY

INDICES

Name Last Change
DOW 25544.90 1.63%
S&P 500 2821.37 1.19%
NASDAQ 7693.73 1.89%
TSX 16097.43 0.91%
TSX-V 637.41 0.00%

Resource Commodities

Name Last Change
Gold 1313.50 0.97%
Silver 15.41 0.32%
Copper 2.90 0.020
Platinum 851.50 0.82%
Oil 59.98 0.42%
Natural Gas 2.82
Uranium 26.00 0.95%
Zinc 1.32 0.00%

@RSDigest ON TWITTER