Arkansas May Have Vast Lithium Reserves, Researchers Say
Published On Oct 21, 2024, 2:07 PM
Researchers have discovered a significant lithium reserve in Arkansas, estimating between 5 million to 19 million tons, which could meet global demand for lithium used in electric vehicle batteries. Several companies, including Exxon Mobil, are exploring extraction methods from underground brine. This discovery aligns with the U.S. government's push to increase domestic production of lithium to enhance supply chain resilience and reduce reliance on imports. Exxon plans to start production by 2027, potentially supplying lithium for over a million electric vehicles annually by 2030.
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The discovery of substantial lithium reserves in Arkansas is likely to bolster Exxon Mobil's position in the lithium market, especially as the demand for electric vehicle batteries continues to rise. With plans to ramp up production, Exxon could benefit significantly from increasing lithium prices and demand in the electric vehicle sector.
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