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Major oil extractor and refiner ExxonMobil will start producing lithium from a well in Arkansas. The U.S. company aims to be a leading supplier of the strategic mineral for EVs by 2030.
Lithium is an essential component of lithium-ion batteries and is used in electric vehicles, as well as consumer electronics. Demand for lithium is expected to quadruple by 2030. Virtually all lithium today is produced outside of North America.
Exxon believes it will be able to unlock vast supplies of lithium in North America.” Much of the world’s lithium deposits are in Argentina, Bolivia and Chile, with reserves of 50 million metric tons. Australia is the largest producer, accounting for roughly 50% of global output.
The company acquired the rights to 486 square kilometers of the Smackover formation. It expects to start producing in 2027 under the name Mobil Lithium.
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