Abstract
Strong demand for lithium, used to make batteries for electric vehicles, is increasing interest in extracting the mineral within the US. The lithium price index of the consulting firm Benchmark Mineral Intelligence is up about 240% since the beginning of the year. In November, the Chilean lithium chemical maker SQM reported that profits from its lithium business more than doubled during the first 9 months of 2021 compared with the same period in 2020. The company expects lithium prices to be even higher in the fourth quarter. “These results were driven by considerably higher sales volumes and prices,” SQM CEO Ricardo Ramos said on a conference call. “Demand in lithium markets is exceeding our previous expectations.” The US gets most of its lithium from South America, where it is produced cheaply by pumping lithium-rich brines into large ponds and letting them evaporate. Some US automakers want a domestic source to
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