Hyperdrive
These Mining Superpowers Supply the World's Lithium. Now They Want to Make Batteries, Too
- Chile, Australia supply about 75% of the battery raw material
- Producers want refineries, factories in exchange for ore
A brine lake at SQM’s plant in the Atacama desert, Chile. SQM is one of two miners in Chile allowed to expand production on the condition they will sell some of their output to companies that will domestically develop the material.
Photographer: Cristobal Olivares/BloombergThe race by Tesla Inc., Samsung SDI Co. and other technology giants to secure supplies of lithium — a key ingredient in batteries for electric vehicles and smartphones — is creating a unique chance for two global mining superpowers to reap more value from their natural resources.
Australia and Chile are looking to lithium to help them escape a cycle that for decades has had the two nations digging out minerals such as iron ore and copper, only to see them refined and turned into valuable products abroad.