Demand Skyrockets as Lithium Mining Revenues Projected To Reach Over $3.1 Billion By 2031

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., June 20, 2023 /PRNewswire/ — Lithium-ion batteries are currently the dominant technology for energy storage. Industry reports say that, over the next several years, dynamic emission standards and changing government policies with respect to electric vehicles are anticipated to provide a positive outlook to the lithium mining industry. One such report, from Fact.MR projected that: “Lithium Mining Revenues to Attain USD 3.1 Billion by 2031.” It added that over the next ten years, the worldwide lithium mining industry is expected to grow at a 7% by 2031. The report said: “(Even though) Globally, operations in the lithium mining business have been scaled back during COVID-19… but following this collapse, the market has fully recovered. There are several drivers for the lithium mining market, including: The increasing demand for electric vehicles, smartphones, and other electronic devices that use lithium-ion batteries is driving the demand for lithium. Lithium is a key component of these batteries, and as the demand for these products grows, so does the demand for lithium.  Governments across the globe are promoting the use of electric vehicles as a means of reducing carbon emissions and achieving climate change targets. This has led to increased investment in the development of electric vehicle infrastructure and the expansion of lithium-ion battery production capacity.”  Active mining companies in the markets this week include:  Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI), Patriot Battery Metals Inc. (OTCQX: PMETF) (TSX-V: PMET), Livent Corporation (NYSE: LTHM), Alpha Lithium Corporation (OTCPK: APHLF) (NEO: ALLI), Lithium Americas Corp. (NYSE: LAC) (TSX:LAC).

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