Demand for lithium, a key part for electrical car batteries, is predicted to surge, from 500,000 metric tons of lithium carbonate in 2021 to a few to 4 million metric tons in lower than a decade, in line with McKinsey & Firm.
Albemarle, the world’s high producer of this vital metallic and the operator of mines in Australia, Chile and the U.S., says it plans to convey one other home lithium mine on-line by 2027 — Kings Mountain in North Carolina. It already operates Silver Peak in Nevada.
Albemarle can be constructing a $1.3 billion processing facility in South Carolina, the place it can course of battery-grade lithium hydroxide. The plant will assist the manufacturing of two.4 million electrical autos yearly and be capable to course of lithium from recycled batteries.
Regardless of that progress, Albemarle faces numerous potential headwinds together with a doable financial downturn that might gradual the demand for EVs, new battery chemistries that might scale back the necessity for lithium, battery recycling and extra rivals. Tesla started development of a lithium refinery in Texas in 2023.
To raised perceive how lithium, often known as “White Gold,” is extracted, the challenges concerned and the place manufacturing is shifting to subsequent, CNBC obtained a behind-the-scenes have a look at Albemarle’s operations in Chile and the U.S.
Watch the video to study extra.