Iran has announced the discovery of a large deposit of lithium, a key component of batteries for electric vehicles and electronic devices, Iran’s state media reported Saturday.
Mohammad Hadi Ahmadi, an official with the ministry of industry, mines and trade, was quoted in local media as saying: “For the first time in Iran, a lithium reserve has been discovered in Hamedan,” which is in the west of the country.
Officials said this reserve is believed to hold 8.5 million tonnes of lithium.
Known as the “oil of the 21st century”, lithium is essential for the manufacture of batteries for electric vehicles, and for the batteries of laptops and cell phones.
According to a United States Geological Survey (USGS) report published in 2022, a total of 89 million tons of lithium have been identified worldwide. Australia, Chile, Argentina and China are the main producers, New Arab reported.
In 2022, lithium prices skyrocketed due to rising component prices and general inflation, as demand for cleaner means of travel increased around the world.
Iran, whose economy is battered by severe international sanctions, particularly imposed by the United States, has substantial natural resources reserves, including gas, oil, copper, and iron.