Electric Car Boom Drives Rush to Mining's $90 Billion Hub
- Lithium scramble likened to Big Oil’s race to Middle East
- Australia cementing status as a dominant supplier, UBS says
Why Electric Cars May Dominate the Auto Market by 2040
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A scramble by the lithium market’s biggest players to tie up supply of the high-tech metal is gathering pace in the 170-year-old heartland of Australia’s $90 billion mining industry.
Rising Chinese demand for lithium-ion batteries needed for electric vehicles and energy storage is driving significant price gains and an asset boom in Australia, already the world’s largest lithium producer. The fast-developing hub is drawing investment and deals from global producers as well as chemical-to-battery manufacturers in China, the top consumer.