Chile’s Lithium Resources Surge by 28% Over Previous Estimates

Chile’s lithium resources have been reassessed, revealing a 28% increase, especially in the Antofagasta region’s salt flats. La Isla salt flat now holds 2.13 million metric tons (up 150%); Aguilar holds nearly 1 million tons (up 40%). This raises total resources to 14 million tons, positioning Chile favorably in the global lithium market as it seeks partners for lithium production.

Recent studies indicate that Chile’s lithium resources are 28% higher than earlier estimates, particularly in the Antofagasta region’s salt flats, according to the state mining body ENAMI. Notably, the La Isla salt flat is reported to contain 2.13 million metric tons of lithium, an increase of 150%, while the Aguilar salt flat has just under 1 million tons, a rise of 40%. Together, these additions bring Chile’s total lithium resources to approximately 14 million tons, surpassing previous figures by 3.05 million tons.

Resources denote the overall size of a mineral deposit, whereas reserves indicate the quantity suitable for economic extraction. The United States Geological Survey (USGS) ranks Chile as the world’s third-largest lithium resource holder after Bolivia and Argentina, while it leads in lithium reserves with 9.3 million tons. Moreover, Chile ranks as the second-largest lithium producer worldwide, driven by output from the Atacama salt flat, sourced by state-owned SQM and US company Albemarle.

In May, ENAMI plans to select a partner to co-develop the two salt flats as part of the Salares Altoandinos project, marking a significant step into lithium production for the state. Companies such as Chinese automaker BYD and mining firms Eramet, Posco, and Rio Tinto have submitted proposals, with CNGR Advanced Material and LG Energy seeking financial partnerships.

The updated resource estimates stem from analyses conducted by external consultants utilizing ENAMI’s exploration data. ENAMI’s head, Ivan Mlynarz, stated, “This confirms that Salares Altoandinos is a world-class project.”

The recent increase in lithium estimates in Chile signifies a positive trend for the nation’s mining sector, establishing it as a key player in the global lithium market. The projected resource increase, alongside strategic partnerships for production, places Chile in a strong position as demand for lithium surges due to its vital role in battery production. Overall, these developments may enhance both economic opportunities and international partnerships within the industry.

Original Source: www.mining.com