Bolivia will harness technology from Russia and China to extract lithium carbonate, a crucial component for manufacturing batteries, announced Franklin Molina, the Bolivian Minister of Hydrocarbons and Energy.
The minister emphasized the importance of agreements with two Chinese and one Russian firms to local media.
The agreements mandate transferring all patents and technology for DLE plant construction to YLB, the state-owned company.
Molina mentioned agreements with Chinese companies Catl Brunp & Cmoc (CBC), Citic Guoan Corporation, and Russian Uranium One Group.
These firms have signed agreements for developing plants using patented extraction technology.
CBC, a Chinese consortium, committed US$1.4 billion for two factories in Uyuni and Coipasa, southwestern Bolivia.
The factories will have a production capacity of up to 50,000 tons of lithium carbonate annually.
Citic Guoan Corporation and Uranium One Group, from Rosatom Corporation, pledged $1.4 billion.
The amount is for constructing two DLE technology plants in Pastos Grandes and Uyuni as per Bolivian agreements.
Moreover, Molina stated that YLB patented its Bolivian method of “battery-grade” lithium carbonate.
The extraction process involves crystallizing mineral reserves in salt flats to reduce impurities and obtain lithium carbonate.
Molina reported that the lithium price reached US$35,000 per ton in this year’s first quarter after peaking at US$80,000.
A July study by YLB revealed that Bolivia has the largest lithium reserve globally, with 23 million tons mainly in Uyuni, Potosí department (southwest).