As a global race for supplies of lithium heats up, companies from China and Russia are dominating the competition to unlock the vast potential of Bolivia, the country with the world’s biggest resource of the critical metal for electric vehicle batteries.
Four Chinese and one Russian group are on the shortlist as Bolivia’s leftwing government nears a decision on a possible partner for state lithium company Yacimientos de Litio Bolivianos, with what kind of collaboration to be determined. One US group is the only western company still in contention.
The successful bidder will face a challenge in extracting Bolivia’s deposits but the prize is worth it. The country has the world’s biggest resources, according to the United States Geological Survey, but is the missing member of Latin America’s “lithium triangle”, where Chile and Argentina have done more to develop their resources. As demand outstrips supply and prices surge, Bolivia is a tempting target.