According to the US Geological Services, Mexico has some of the largest identified lithium resources in the world. With reserves of 244 million tonnes in the northeastern Mexican state of Sonora, these lithium deposits significantly outweigh those found in second-placed Thacker Pass site in Nevada. As an essential component for rechargeable batteries used in smartphones and EVs, lithium is a key part of the global energy transition. In this blog post, we’ll explore Mexico’s potential to become a game-changer in the world lithium market.
The Sonora Lithium Project by Ganfeng Lithium and Bacanora Minerals could make Mexico a major player on the global stage when it comes to lithium production. Currently, Chile and Australia are two of the leading producers of lithium; however, with Mexico’s vast reserves, it could soon be competing with these two countries for top spot. This development could have huge implications for the global energy transition as demand for lithium grows to meet rising EV production rates.
Furthermore, mining operations at Bacanora would also bring much needed job opportunities to local communities in Sonora. The expected economic benefits from increased employment will help spur growth and create a lasting impact on local economies which have been hard hit by COVID-19 related closures and restrictions. In addition, there are environmental concerns surrounding mining operations that need to be addressed before any projects can go ahead; however, if done correctly this project could prove beneficial for all parties involved.
Mexico’s vast reserves of lithium could prove to be a game-changer for both its economy and environment – creating jobs and promoting sustainable growth across its regions whilst also helping drive forward the global energy transition towards renewable sources like EVs. It remains to be seen whether or not Ganfeng Lithium and Bacanora Minerals’ joint venture can successfully develop these reserves into a functional mine but if they do then it could provide significant benefits not only to Mexico but also to countries around the world who are looking to reduce their reliance on fossil fuels.
