Lithium Mining Market in High Gear as Demand Continues to Grow at an Accelerated Pace

PALM BEACH, Florida, Oct. 11, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - Lithium — the lightest metal on Earth — was discovered by Swedish chemist Johan August Arfwedson more than 200 years ago. Since then, lithium and its compounds have been used in everything from psychiatric medicine to lubricating grease, but interest in lithium has exploded in recent years because of its use in rechargeable batteries for electric and hybrid cars, lawnmowers, power tools and more. Lithium batteries also power laptops and cell phones. An article in ABCNews said that the race is on to produce more lithium in the United States and the U.S. will need far more lithium to achieve its clean energy goals — and the industry that mines, extracts and processes the chemical element is poised to grow... The element is critical to development of rechargeable lithium-ion batteries that are seen as key to reducing climate-changing carbon emissions created by cars and other forms of transportation. It said that the United States will need far more lithium to achieve its clean energy goals, and the industry that mines the chemical element is poised to grow.  It added that: "Worldwide demand for lithium was about 350,000 tons (317,517 metric tons) in 2020, but industry estimates project demand will be up to six times greater by 2030. New and potential lithium mining and extracting projects are in various stages of development in states including Maine, North Carolina, California and Nevada.  "Nobody really foresaw this huge spike in demand," said (an industry executive)… "We owned the lithium space for a long time, and we forfeited it to China." Another executive added: "A domestic source has tremendous value. Then we can do things that only China is doing with production"; and yet another executive said: "The country's lithium reserves rank among the largest in the world."  Active mining companies in the markets this week include Clear Sky Lithium Corp. (OTCPK:CSKYF) (CNSX:POWR.CN), Piedmont Lithium (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC.TO), Livent Corporation (NYSE:LTHM), SIGMA Lithium Corporation (NASDAQ:SGML) (TSXV:SGML.VN).