The world's second-largest miner, which greenlighted in July the
In a presentation to investors, Rio Tinto's head of economics
This means manufacturers would need about three million tonnes of lithium, compared with the roughly 350,000 tonnes they consume today, Tulpule noted.
Existing operations and projects combined, however, are slated to contribute one million tonnes of lithium, he said.
Rio Tinto estimates that committed supply and capacity expansions will contribute about 15% to demand growth over the 2020-2050 period. The remaining 85% would need to come from new projects.
'Filling the supply gap will require over 60 Jadar projects,' he warned.
Jadar, located in western
Mine construction is expected to begin early next year, subject to environmental approvals, with the first production in 2026. Following ramp up to full production in 2029, the Jadar mine will produce 58,000 tonnes of lithium carbonate, 160,000 tonnes of boric acid and 255,000 tonnes of sodium sulphate a year.
The company anticipates that recycling will take on a bigger role in the coming years but will only begin to make a relevant contribution after 2040 as vehicles that are currently being purchased are scrapped.
Rio Tinto believes lithium-ion batteries will be the preferred storage technology for EVs, as well as important contributors to the setting of a renewable grid.
'Expected future development of solid-state batteries with improved energy density and safety performance could provide further upside, by increasing lithium intensity per kilowatt by over 30%,' Tulpule said.
EXPANDING FOOTPRINT
Over the past five years, the miner has tried to expand its footprint in the battery market. In 2018, Rio reportedly attempted to buy a
In April this year, it kicked off lithium production from waste rock at a demonstration plant located at a borates mine it controls in
Rio invested
The projected production would be roughly the same as the capacity of Albemarle's
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