Bolivia, known for possessing some of the world’s largest lithium reserves, inked a $450 million deal with Russian firm Uranium One Group. The deal outlines plans for the production of essential components for batteries and electric vehicles. As part of the deal, Rosatom, the parent company of Uranium One Group, will invest in Bolivia over the next two years to establish a pilot lithium plant in the southern region of the country.
Bolivia possesses approximately twenty-three million metric tons of certified lithium reserves, attracting interest from global players such as China and Russia. These nations have formed alliances with Bolivia to embark on industrial-scale lithium production, forming what is known as the lithium triangle along with Argentina and Chile.
As reported by BARRON’S, Bolivia plans to boost its lithium exports, projecting a value of $5 billion next year. The ambitious target surpasses the economic contribution of its key natural gas industry, which has faced challenges due to declining investment.
