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Brazilian Company Will Expand Mineral Extraction for Global Lithium Battery Production in 2023
And Brazil will move forward once again starting in March 2023. After all, a major lithium exploration company will expand its business. Lithium is widely used for manufacturing batteries for electric cars. Therefore, this expansion is of global interest, as the vehicle fleet is becoming electric.
Brazil has one of the largest reserves of the metal in the world. However, it requires advanced technology for exploration. Nevertheless, this Brazilian company has exploration technology and is expected to make a name for itself, becoming one of the top four metal explorers for batteries. Thus, Brazil will expand its business and attract even more investment. Read on to learn more!
Learn More About Brazil’s Participation in the Lithium Battery Market with the Video Below.
Electric Vehicle Fleet Grows and Demands Lithium Batteries, Which Have a High Market Value
Lithium has a growing demand, as mentioned earlier, due to the increase in the global electric vehicle fleet. Moreover, experts point out that in 2023 there could be a significant jump in the number of electric vehicles, reaching 10.5 million. Additionally, by 2030, this number is expected to exceed 50 million.
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However, lithium has a relatively good market cost, having reached US$84 thousand per ton in 2022. This is due to the high demand that impacted the need for lithium batteries to supply the influx of electric vehicles into the market. For comparison, in 2021 the price per ton was only US$13.89 thousand. This means we have seen an increase of nearly 505% in less than a year.
It is worth noting that lithium is one of the main components of the batteries currently used in electric vehicles. However, many studies are emerging pointing to the use of alternative metals such as niobium, graphene, cobalt, nickel, manganese, phosphate, and iron.
“Grota do Cirilo” Project by Sigma Lithium Has Estimated Production in Thousands of Tons for 2023
The company Sigma Lithium is based in Vancouver, Canada, and has a large subsidiary in Minas Gerais, Brazil. However, the company initiated a project called “Grota do Cirilo” with successful drilling for lithium extraction. Thus, operations are expected to be improved and conducted on a large scale starting in 2023.
Furthermore, an estimated production of 37 thousand tons of lithium carbonate is expected from next year. By 2024, this number is expected to nearly double, meaning we should reach a production of 72 thousand tons per year.
Brazil Is a Global Highlight in the Extraction and Marketing of Various Metals, Including Lithium, for Electric Cars
Due to Brazil’s vastness and geographical diversity, there is much to be explored and marketed. After all, we have immense reserves of nickel, manganese, iron, graphite, and many other minerals of global interest. We also have the largest reserve of niobium, which may also be used in batteries in the future.
However, according to government agencies, the main lithium reserves are located in Ceará, Tocantins, Goiás, Bahia, Rio Grande do Norte, Paraíba, and Minas Gerais. Therefore, although many activities are concentrated in the mining region, a lot can be explored by national companies in other reserves across Brazil, further expanding production.
Additionally, it is worth highlighting that entering the global lithium battery market for electric cars is unprecedented for our country. After all, there are some companies that produce and extract lithium, but only for applications such as lubricants and greases.
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