BEIJING (SCMP) - Vast deposit of one of the most highly coveted metals on Earth could potentially be located in the region around Mount Everest, according to Chinese scientists.
The researchers’ discovery of lithium near the world’s tallest mountain comes as global demand for the metal has been skyrocketing, sending prices to record levels and further fuelling geopolitical competition for strategic resources.
The ore deposit may contain as much as 1.0125 million tonnes of lithium oxide, according to the group of scientists from the Institute of Geology and Geophysics at the Chinese Academy of Sciences (CAS).
The spot price of lithium metal in the Chinese market soared to more than 2 million yuan ($316,000) per tonne earlier this month – more than four times the price a year ago.
But it is not yet known how much the new Himalayan deposit – dubbed Qiongjiagang, after the nearest peak – could be worth.
“The Qiongjiagang lithium pegmatite deposit has good conditions for mining,” Qin Kezhang, the head of the research team, was quoted as saying.
As major economies are all aiming to shift to electric cars in the global fight against climate change, the silvery-white metal has been increasingly considered “the new oil” or “white gold”, as it is an essential component in electric vehicle (EV) batteries.
According to estimation from the International Energy Agency, global demand for lithium would grow by more than 4,000 per cent by 2040 if the world achieves its climate goals.
Currently, 85 per cent of lithium comes from Latin America and Australia, according to market intelligence provider IHS Markit. The two regions are home to 64 per cent of the world’s known lithium, according to the 2022 Mineral Commodity Summary from the United States Geological Survey.