South American Lithium Projects Set to Flourish in Battery Metal’s Projected 2024 Rebound Year
USA News Group Commentary
VANCOUVER, BC, April 30, 2024 /PRNewswire/ — Coming off a major market correction in 2023 down from 2-2022’s record highs, the lithium market is primed for a rebound in 2024. Analysts at MorningStar using data shared from Platts, LME, Benchmarked Minerals, Fastmarkets, and MorningStar itself are forecasting lithium prices to stabilize and rise in 2024, and to nearly double from $17,000 to $30,000 per metric ton from 2023 to 2030. As the Electric Vehicle (EV) market moves towards a projected $1.66 trillion by 2030, lithium demand is expected to triple from 2022 levels over that time. Today with more than 65% of the world’s lithium reserves, it’s in Latin America where some of the most promising new projects are still under development, including from Lithium South Development Corporation (TSXV: LIS) (OTCQB: LISMF), POSCO Holdings Inc. (NYSE: PKX), American Lithium Corp. (NASDAQ: AMLI) (TSXV: LI), Sigma Lithium Corporation (NASDAQ: SGML) (TSXV: SGML), and Atlas Lithium Corporation (NASDAQ: ATLX).