In 2023, demand for key minerals grew strongly, with lithium demand growing by 30%, while demand for nickel, cobalt, graphite and rare earth elements all grew by 8% to 15%. Clean energy applications have become the main driver of demand growth for a range of key minerals.
Globally, lithium is extracted from two main sources: brine and minerals. Currently, lithium-containing minerals such as spodumene and petalite are mainly extracted from pegmatites in Australia, Zimbabwe and Brazil; however, future sources of lithium may include spodumene and hectorite found in some sedimentary basins. Lithium extraction from brine occurs mainly in continental brine deposits, such as those in Chile, Argentina and Bolivia. Although lithium extraction from oil fields and geothermal brines has been proven and may become an important source of lithium in the future.
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