In a major move to secure its supply of lithium, China has signed a deal with Bolivia for the world's largest lithium reserves. The deal is expected to benefit Chinese lithium companies as Bolivia has some of the world's largest untapped reserves of the key material used in electric vehicle batteries.Under the agreement, Bolivia will provide Chinese companies with access to its lithium reserves, while China will provide Bolivia with technical assistance in lithium extraction, battery recycling, and metal mining. This deal is part of China's broader strategy to secure its supply of critical minerals for its growing electric vehicle industry. largest lithium reserves in Bolivia
China is the world's largest consumer of lithium, accounting for more than half of global demand, but it currently relies heavily on imports to meet its needs. This dependence on foreign suppliers has been a major concern for China's policymakers, who are keen to secure its supply chains and reduce its reliance on foreign imports.Bolivia, on the other hand, has been eager to develop its lithium industry and has been looking for partners to help it do so. The country has some of the world's largest untapped reserves of lithium, estimated to be around 21 million tons, and has been keen to develop its industry to take advantage of the growing demand for electric vehicle batteries.The deal is expected to provide a significant boost to Bolivia's economy, which has been struggling in recent years due to a decline in its natural gas exports. The lithium industry has the potential to generate significant revenues for the country and create new jobs.However, the deal has also raised concerns among environmentalists, who have criticized the mining industry for its environmental impact. Lithium extraction can have a significant impact on the environment, particularly on water resources, and there are concerns that the deal could lead to further damage to Bolivia's fragile ecosystem. largest lithium reserves in Bolivia
Despite these concerns, the deal is a significant development for China and Bolivia, as it marks a major step towards securing China's supply of lithium and developing Bolivia's lithium industryFor more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true and top stories of the world.