India's first lithium refinery is ready to be set up in Gujarat - MAINS QUESTION - DAILY CURRENT AFFAIR QUESTIONS AND ANSWERS

Wednesday, December 30, 2020

India's first lithium refinery is ready to be set up in Gujarat

India's first lithium refinery

India's first lithium refinery is to be set up in Gujarat. One of the biggest electricity business and renewable energy companies, Manikaran Power Limited, will invest 1000 crores to set up this refinery. Lithium ore has to be imported from Australia for the refinery. 

Global Lithium Stores & Markets-

Currently China controls 51% of global lithium and 62% of cobalt. These two elements are the main components of lithium ion battery. Most lithium for the Chinese market comes from the South American lithium belt. It is a 500-mile strip centered at the junction of Bolivia, Argentina and Chile. More than 75% of lithium reserves of the world are located in this belt. 

Other important facts about the lithium market facts:

Future demand for lithium will increase in India due to the electrification of renewable energy and storage. 

India has an ambitious target to increase the number of electric vehicles by 30% by the year 2030. However, India still has all the lithium needed to make lithium ion batteries. 

India is currently dependent on China, Japan and Taiwan for its electrical batteries because Indian Lithium is highly expensive. In April 2019, India and Bolivia signed an agreement under which Bolivia will supply lithium carbonate to India.

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