Lithium, coined ‘the new oil,’ is shifting global markets. Here’s what you need to know about it – By Adam Beauchemin (CBC News) / May 14, 2023
While production in Canada has been limited, the tide may be turning
As electric vehicles become more common, the resources helping to power the new generation of transportation are becoming increasingly prized.
Lithium — a metal that’s a key element in the batteries commonly used in today’s EVs — has become an incredibly hot commodity in recent years. According to the United States Geological Survey, global consumption increased by 41 per cent from 2021 to 2022.
Elon Musk, the CEO of Tesla, dubbed lithium-based batteries “the new oil.”
While lithium prices tumbled 65 per cent in 2023 after a meteoric two-year rise, analysts still anticipate hundreds of new mines are needed to meet surging EV demand.
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