Chile’s Lithium Resources Surge by 28%, New Studies Reveal

Recent studies indicate that Chile’s lithium resources have increased by 28%, with the La Isla salt flat estimated to contain 2.13 million metric tons and Aguilar holding just under 1 million tons. Collectively, this adds 3.05 million tons to Chile’s estimated total of 11 million tons. As the top holder of lithium reserves, Chile is also pursuing partnerships for mining the assessed salt flats as part of the Salares Altoandinos project.

Recent studies have revealed that Chile possesses 28% more lithium than previously estimated, according to the national mining body, ENAMI. Notably, the La Isla salt flat has been discovered to contain 2.13 million metric tons of lithium, reflecting a remarkable 150% increase from prior assessments. Additionally, the Aguilar salt flat holds just under 1 million tons of lithium, which is a 40% increase from earlier estimates.

Overall, these findings contribute an additional 3.05 million tons of lithium to Chile’s total resources, previously estimated by the US Geological Survey (USGS) to be 11 million tons. It is essential to differentiate resources, representing the potential size of a mineral deposit, from reserves, which indicate quantities that can be mined economically and feasibly.

Chile ranks as the third-largest holder of lithium resources globally, following Bolivia and Argentina, while it leads as the top holder of lithium reserves, which amount to 9.3 million tons. Furthermore, Chile is the second-largest lithium producer in the world, with the Atacama salt flat being a significant source for both state-run miner SQM and the US firm Albemarle.

As part of the Salares Altoandinos project, ENAMI plans to select a partner by May to jointly mine the newly assessed salt flats. Proposals from Chinese automotive manufacturer BYD, alongside mining companies such as Eramet, Posco, and Rio Tinto, have been submitted. Additionally, financing offers have been made by CNGR Advanced Material and LG Energy.

The new data stems from analyses conducted by external consultants, leveraging ENAMI’s exploration figures. ENAMI Executive Ivan Mlynarz stated, “This confirms that Salares Altoandinos is a world-class project.”

In conclusion, Chile’s lithium resource estimates have risen substantially, reinforcing its position as a leading player in the global lithium market. The enhanced amounts discovered in the La Isla and Aguilar salt flats have the potential to attract significant investment and strategic partnerships. As Chile moves forward with mining plans, the attention on managing rights and responsibilities with Indigenous groups will continue to be a critical aspect of its lithium endeavors.

Original Source: www.mining.com