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Home Newly discovered lithium reserves in Minas Gerais cause a “Boom” in the international market

Newly discovered lithium reserves in Minas Gerais cause a “Boom” in the international market

27/12/2018 às 14:08
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Lithium Minas Gerais International Market

ANM informs that Brazil will become one of the world's greatest powers in the exploration of Lithium, an ore widely used in the manufacture of batteries. The attention of the global market in this sector is focused on the Jequitinhonha Valley – MG

Favorable international demand and a recent discovery of lithium reserves in Brazil have caused a rush for the metal, used in electric batteries, informs Folha de São Paulo. Two ongoing projects will raise the Brazil to the status of one of the largest lithium producing countries in the world in the next decade, according to data from the National Mining Agency, ANM.

ANM informs that 117 lithium research requests were filed until December. That's more than three times the amount last year and almost ten times the number of orders in 2016.

The interest in bringing a lot of expectations to the Jequitinhonha Valley, in the north of Minas Gerais, one of the poorest parts of Brazil, but with a high potential, given its lithium reserves.

Lithium, sometimes called the “oil of the future” for its potential in electric-powered cars as a replacement for combustion engines, is a welcome commodity in international markets.

Lithium prices have skyrocketed recently due to a race to find new reserves, which, in turn, has been caused by developed countries' plans to reduce carbon emissions. Automakers such as Volkswagen have already announced goals to end the production of cars powered by fossil fuels., and several European countries have set deadlines for combustion engines.

Currently, Brazilian lithium production is on a small scale, concentrated in Araçuaí, Minas Gerais, aimed at the domestic market of lubricants and ceramics. But the new investments in raising new reserves are already making changes in the sector.

“Brazil's participation in the lithium market was timid. But now, with the demand for electric motors, the industry is waking up”, says Ivan Jorge Garcia, specialist in mineral resources at ANM.

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