China becomes world’s second-largest holder of lithium reserves, Xinhua reports

China’s lithium reserves have risen from 6% to 16.5% of the global total, making it the world’s second-largest holder of lithium reserves, state media reported on Wednesday.

The world’s top consumer of the battery metal relies heavily on lithium imports, and Beijing has pushed for more domestic exploration in recent years.

Lithium is widely used in rechargeable batteries for electronic devices, electric vehicles, and renewable energy storage systems, as well as in ceramics, glass, and pharmaceutical applications.

The newly discovered mines include a 2 800-km-long spodumene mine in the Xikunsong-Pan-Ganzi region in Tibet, and some lithium salt lakes in the Qinghai-Tibet Plateau, Xinhua News Agency said in the report.

With the discovered salt lakes, China now also hosts the world’s third-largest salt lake resources, after the lithium triangle in South America and western America, the report said.

Salt lake is a low-cost lithium source.

The most active lithium carbonate contract on the Guangzhou Futures Exchange in China stood at 77,420 yuan ($10,559.91) per ton on Wednesday, up by 0.4% week-on-week.

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