Rio Tinto said it had found a potentially large source of lithium for electric car batteries while looking for gold in piles of waste rock in California, describing it as a “eureka moment” for the company.
The London-based miner said it could become the largest producer of lithium for batteries in the US if it can successfully process the rock on a larger scale.
The discovery may pave the way for Rio’s entry into the lithium market, which is set to see dramatic growth over the next decade due to the rise of electric vehicles, which are powered by lithium-ion batteries.
Lithium is currently produced in South America and Australia and is controlled by five producers, two of whom are Chinese. But the administration of President Donald Trump is keen to encourage domestic supply to meet the needs of its carmakers.
Currently the only lithium produced in the US is that extracted from brine in Silver Peak, Nevada, in a facility owned by producer Albemarle. But the company does not disclose how much is produced, and analysts say it is not substantial.
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