Bolivia, possessing some of the largest lithium reserves in the world, has inked a $450 million agreement with Russian state-owned Uranium One Group.
The deal is a strategic move to produce essential components for batteries and electric vehicles. Rosatom, the parent company of Uranium One Group, commits to investing in Bolivia to establish a pilot lithium plant in the country’s southern region, as confirmed by Bolivian government officials and executives from Uranium One Group.
President Luis Arce emphasized Bolivia’s comprehensive involvement in the lithium production process during the signing ceremony. He highlighted the country’s approach to working with every company interested in its lithium reserves.
Bolivia’s substantial lithium resources, estimated at 23 million metric tonnes, have attracted international interest, notably from China and Russia, positioning Bolivia as a key player in the global market. The country is part of the “lithium triangle,” along with Argentina and Chile, which collectively dominate a significant portion of the world’s lithium supply.
The partnership was forged following a competitive selection process involving seven firms, with Bolivia’s state-run lithium company, YLB, overseeing the tender. YLB’s CEO Karla Calderon outlined ambitious production goals for the pilot plant, aiming to produce up to 14,000 tonnes of battery-grade lithium carbonate annually.
Bolivia anticipates a major economic shift, with lithium exports projected to reach $5 billion next year, potentially surpassing its traditional natural gas industry that has recently experienced a downturn in investment.
