Lithium Gold Rush Continues as Demand Skyrockets for Electric Vehicles and Renewable Energy

FinancialNewsMedia.com News Commentary 

PALM BEACH, Fla., April 24, 2023 /PRNewswire/ — North America needs to race to find new supplies and production of lithium as automakers ramp up manufacturing of electric vehicles and demand grows for renewable energy options. Lithium is used in electric car batteries because it is lightweight, can store lots of energy and can be repeatedly recharged. Analysts estimate that lithium demand is going to increase tenfold before the end of this decade as big manufacturers such as Tesla, Volkswagen, General Motors and other automakers introduce dozens of electric models. Other ingredients like cobalt are needed to keep the battery stable.  Most of the raw lithium used domestically comes from Latin America or Australia, and most of it is processed and turned into battery cells in China and other Asian countries.  Global demand for lithium batteries is expected to surge more than five-fold by 2030, public-private alliance Li-Bridge said recently, as more people opt for electric vehicles and energy storage systems.  Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply, the report added.  Active mining companies in the markets this week include:  Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI), LithiumBank Resources Corp. (OTCQX: LBNKF) (TSX-V: LBNK), Atlas Lithium Corporation (NASDAQ: ATLX), Allied Copper Corp. (OTCQB: CPRRF) (TSX-V: CPR), Brunswick Exploration Inc. (OTCQB: BRXWF) (TSX-V: BRW).

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