Mining companies are scouring the globe for new deposits.

Global demand for lithium last year was about 320 000 tonnes. Most industry consultants expect that to hit one-million tonnes by 2025.

"Chile cannot once again make the historic mistake of privatizing resources, and for this we will create the National Lithium Company," Boric tweeted.

In the 12 months through Oct. 27, Standard Lithium soared more than 600% on the back of surging EV demand and the promise of a patented method of removing the metal from brine.

The chip shortage that’s gripped the car industry by the throat is a reminder to EV executives in China of what might happen if they run short of lithium.