LITHIUM: RESOURCES, PRODUCTION AND PROSPECTS OF WORLD MARKET DEVELOPMENT

Abstract

The paper deals with lithium which is currently characterized by one of the fastest growth rates in terms of price, consumption and production volumes. We have estimated the rates of consumption, the growth in production volumes and the growth of the explored volumes of lithium mineral resources and have given forecast of development of the world lithium market, growth of lithium production and price dynamics. Thus, the increase in world production of lithium by 2020 should exceed 12,000 tons per year. The increase in the consumption of lithium is shown to stimulate the growth of geological exploration of its mineral resources and to lead to a sharp increase in the explored lithium reserves. Moreover, we have attempted to evaluate other lithium mineral resources including those with a low content of lithium. The analysis demonstrate that, in accordance with existing technologies and speed of the lithium production growth, lithium ore will run out in about 25 years, and lithium reserves of proven resources associated with salt lakes will be depleted in about 50 years. The paper suggests several ways of solving this problem. The first one is an increase in the extraction of lithium from existing sources of raw materials, that is, the use of more effective methods. The second one is the use of lean lithium resources, such as underground brines and associated oil waters which can become the most promising source of lithium (the possible directions and prospects of extraction have been shown). The third way is the use of secondary lithium resources and the processing of spent lithium batteries. Keywords: lithium; lithium market; world reserves of lithium; lithium mining; underground brines; associated oil waters.