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Lithium
An icon so true
Lithium reigns supreme in the short-term energy storage octagon. Not found in its elemental form in nature due to its high reactivity, it can be mined from brines (accounting for nearly 70% of global Lithium resources), hard-rock deposits (w/ shorter lead times), and clays (still in infancy). Mining, however, is just the tip of the iceberg. A brief overlook of the Lithium supply chain can be found here.
Table 1 shows the Lithium conversion factors, Table 2 the Lithium requirements for different products, and Table 3 the seven largest Lithium-mining companies by market capitalization (2022).
Table 1: Lithium conversion factors
Ref.: "The lithium supply and demand story" (mining.com) and "Techno-Economic Analysis of Lithium Extraction from Geothermal Brines" (NREL), 2021
Table 2: Lithium requirements for different products
Ref.: Jiri Sterba, "La Inversión en Minería de Litio: Acelerando la Transición hacia el Transporte Sostenible", 2021
Table 3: Seven largest Lithium-mining companies by market capitalization (2022)
Despite of supply constraints, Lithium high energy density & lightness is key i) to produce devices such as cell phones (6 billion+ in use today), tablets and notebooks, ii) to make mobility sustainable with electric vehicles (EVs), and iii) to support stationary energy storage applications (FTM & BTM).
According to the USGS 2025, the countries with the largest lithium reserves are Chile (9.3 Mi tons of lithium content), Australia (7 Mi tons), Argentina (4.0 Mi tons), China (3.0 Mi tons), and the U.S. (1.8 Mi tons). In terms of mine production, Australia leads global output (88,000 t), followed by Chile (49,000 t), China (41,000 t), Argentina (18,000 t), and Brazil (10,000 t).
Alongside lithium, cobalt has long been a critical input in high-performance batteries, stabilizing the cathode while enhancing energy density, safety, and cycle life. The Democratic Republic of Congo is the world’s leading source of mined cobalt, accounting for an estimated 76% of global mine production, followed by Indonesia with about 10%. China dominates the downstream segment as the world’s leading producer of refined cobalt, having expanded its refining capacity throughout the year, with the majority of this refined cobalt consumed by the li-ion battery industry.
Global lithium supply has expanded rapidly in recent years, resulting in a well-supplied market today, with no structural shortage for batteries and continued price pressure. However, investment in new mining and refining projects has slowed, while demand is expected to accelerate toward 2030, driven by electric vehicles and energy storage.
As of late 2025, battery-grade lithium carbonate prices are around USD 10,500–11,000 per ton, reflecting current oversupply conditions. Strong industry references indicate that global demand could exceed 3 Mi tons of LCE (lithium carbonate equivalent) by 2030, creating a high risk of supply deficits later in the decade unless significant new capacity comes online.
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