High Demand on a Scarce Product
Many companies that operate with batteries have begun to invest in mining operations to speed up the production process, in an attempt to tackle the shortage of lithium on the market. This shows that there is immense pressure to produce more lithium; showcasing the great opportunities the company can grasp. Because of the demand that has been mentioned earlier, the battery-grade lithium carbonate prices have risen 400% in the last few months – rising as high as USD$13,800 per ton. Additionally, the use of lithium for battery production, especially recently in the automotive industry, has substantially increased in comparison to the use of lithium in other corporations.