Image: Reuters Berita 24 English -Bolivia's list of competing international corporations wanting to exploit its massive lithium resourc...
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| Image: Reuters |
Berita 24 English -Bolivia's list of competing international corporations wanting to exploit its massive lithium resources has shrunk to six from eight, according to energy minister Franklin Molina, as part of the country's most ambitious lithium extraction campaign yet.
Bolivia boasts the world's greatest lithium reserves, the ultra-light metal needed to make batteries for electric vehicles, but has struggled to mine it commercially for decades.
Bolivia has tried to engage with foreign corporations to revive its mining capabilities under left-wing President Luis Arce. He revealed a shortlist of eight companies from the US, China, Russia, and Argentina last year, who, if chosen, would harvest the metal using an untested process known as Direct Lithium Extraction.
Molina did not say which two firms had been excluded during a press conference. Final results are scheduled to be revealed on June 15, he said, which is a month later than the original May deadline.
Bolivia still has a long way to go in exploiting its lithium reserves, thanks to legal challenges and a shaky track record for global companies operating in the Andean country.
Only the state-owned lithium company Yacimientos de Litio Bolivianos (YLB) is permitted to extract the metal under Bolivian legislation. The administration has yet to say how they plan to reconcile this ban with international corporate partnerships.
Bolivia has also slipped behind Argentina and Chile, who have constructed significant lithium facilities at a time when lithium prices are rising. Chile is the world's second-largest producer of lithium, while Argentina has a promising pipeline of projects in the works.
Lilac Solutions and EnergyX, both supported by German carmaker BMW and Bill Gates' Breakthrough Energy Ventures, are among the finalists in Bolivia's first round, as is China's large battery maker CATL.
Argentina's Tecpetrol, Russia's Uranium One, and Chinese firms Fusion Enertech, TBEA Co Ltd, and CITIC Guoan Group Co are among the others.
