Top 10 Best Lithium Extraction Companies in 2023
This is the Top 10 Best Lithium Extraction Companies in 2023. Due to the rapid adoption of electric vehicles, the demand for lithium has surged. Due to its high energy density, long cycle life, and support for quick charging, the metal is known as ‘White Gold.’ Lithium is mined from spodumene mines and salt lakes. Greenbushes, Western Australia, has the biggest spodumene mine, followed by Pilbara, Western Australia, and Kings Mountain, North Carolina. At the moment, the leading lithium producers are Chile, Australia, Argentina, and China. However, India has identified a Lithium metal resource of 5.9 million tons in Reasi, Jammu and Kashmir, which will be auctioned off by the government in June. In India, companies such as NALCO and Hindustan Copper Ltd are active in the extraction of lithium.
1. Albemarle Corporation
Albemarle Corp is a major Lithium and bromine derivative producer with 5600 employees and plants in the USA, Germany, Australia, and China. They have a 1.2 million-tons annual Lithium chemical production capacity and raw materials in Chile, the USA, and Australia. Albemarle’s customers include Tesla and Panasonic. They signed a deal with MinRes to increase their Kemerton plant stake to 85% and MinRes’ Wodgina project to 50%. MinRes will operate the Wodgina mine and acquire 50% of Albemarle’s China plants. Albemarle owns 49% of Talison Lithium’s spodumene mine.
2. Sociedad Quimica y Minera SQM
SQM, a Chilean mining firm, engages in five important industries for sustainable development: Plant Nutrition, Iodine and derivatives, Lithium and derivatives, Potassium, and Solar Salts. It extracts lithium chloride from brine in Salar de Atacama using a natural method and generates 2.5 million tonnes of lithium carbonate per year. SQM has an interest in the Dorchap Lithium Project in Australia, as well as significant customers such as LG Energy Solution and SK Innovation. It recently inked a contract to provide lithium hydroxide to Johnson Matthey, announced a $1.5 billion investment in boosting lithium production in Chile, and authorized an investment with Wesfarmers Limited in the Mount Holland lithium project in Western Australia.
3. Tianqi Lithium
One of the Top 10 Best Lithium Extraction Companies in 2023. Tianqi Lithium is a multinational corporation specializing in lithium-based alternative energy technologies. It invests in lithium resources, extracts lithium concentrate, and manufactures innovative lithium specialty chemicals. Talison Lithium, one of its subsidiaries, has substantial lithium deposits in Western Australia with an annual production capacity of 1.62 million tons of lithium concentrate.
Tianqi Lithium owns mining rights and deposits of lithium at the Cuola Mine in Yajiang County. The firm has chemical factories in Jiangsu, Sichuan, and Chongqing, with two more plants in Sichuan and Kwinana, Western Australia, under development. It recently investigated battery materials processing prospects in Australia and made a bid to purchase Essential Metals. CATL is its main customer. Tianqi Lithium is headquartered in Chengdu, China, and had a revenue of $11.79 billion USD in 2022.
4. Ganfeng Lithium Group
Ganfeng Lithium Group is a multinational corporation that is involved in all aspects of the lithium battery supply chain, from mining and refining through battery manufacture and recycling. It holds the industry’s sole commercial-scale methods for extracting lithium from brine, ore, and recycled materials. The corporation owns high-quality natural resources in Australia, Argentina, Mexico, and China, and it just inked a cooperative development deal with the Yichun government.
Ganfeng Lithium runs resource mining and compound processing factories in China and has multiple lithium mining projects in various nations and regions. It also has companies that manufacture and recycle batteries. Tesla, LG Chem, Samsung, and Volkswagen are among the company’s biggest clients. Ganfeng Lithium Group is based in Jiangxi Province, China, and its total revenue in 2022 is expected to be $4.69 billion USD.
5. Mineral Resources
Mineral Resources Ltd, an Australian mining services firm, operates mines for a variety of commodities, including iron ore and lithium. Their two hard rock lithium mines in the Pilbara region, Mt Marion and Wodgina, are the world’s biggest. They intend to produce 900,000 tons of mixed spodumene per year at the Mt Marion mine through a joint venture with Ganfeng Lithium.
Wodgina manufactures and sells 750,000 tons of spodumene on the spot market. They also co-manage the Kemerton lithium hydroxide factory, which produces battery-grade lithium hydroxide alongside Albemarle. For an autonomous road train platoon, the business has worked with Hexagon. The company, located in Perth, Australia, has a total sales of $2.96 billion USD and serves key customers such as Panasonic and Samsung.
6. Allkem Limited
Also in the Top 10 Best Lithium Extraction Companies in 2023 list, Allkem Limited is a lithium mining business with a global portfolio of lithium assets that includes lithium brine solution, hard rock lithium operations, and a lithium hydroxide factory. Its flagship Olaroz project in Argentina produces 13,000 tons of lithium carbonate per year and has reserves of 16.2 million tons, while Mt Cattlin in Australia produces 194,000 tons of spodumene per year and has reserves of 13.2 million tons.
The Naraha facility in Japan owns 75% of the company and receives 9,500 tons of feedstock per year from Olaroz. The Sal de Vida project in Argentina is projected to mine 6.85 million tons of LCE per year, whereas the James Bay project in Canada is expected to mine 321,000 tons of spodumene per year. Allkem’s major customer is Toyota, and its revenue is $770 million USD.
7. Livent Corporation
Livent Corporation, formerly known as FMC Lithium, manufactures energy storage and battery systems, as well as polymers and industrial goods. It gets its lithium ore from the Hombre Muerto salt flat in Argentina and has operations in other countries, including the United States and China. Livent has teamed with E3 Metals to extract battery-quality lithium products from Alberta’s Leduc Formation. Tesla Inc. and General Motors are the company’s main clients, and a recent $198 million arrangement with GM to provide pure lithium for six years was the company’s biggest transaction. The overall income of Livent is $813 million USD, with projects in Argentina and China.
8. Lithium America Corp
Lithium America Corp. specializes in lithium projects in Argentina and the United States, holding two in Argentina and one in the United States with a combined annual production capacity of 80,000 tons. The Cauchari-Olaroz project is a low-cost brine lithium carbonate project, whereas the Pastos Grandes project produces 24,000 tons of lithium carbonate per year and has a 4.12 million tons LCE reserve. General Motors invested $650 million in Lithium America to expedite the Thacker Pass project. The headquarters are in Vancouver, Canada, and the company’s principal customer is General Motors.
9. Global Lithium
Top 10 Best Lithium Extraction Companies in 2023 includes Global Lithium is an exploration firm focused on two 100% owned properties in Western Australia: the Marble Bar Lithium Project and the Manna Lithium Project, both of which have around 7 million tons of mineral resources containing 1% Li2O and 46 Ta2O5 ppm. In October 2022, Global Lithium paid $60 million to completely buy the Manna Lithium Project, which has 32.7 million tons of mineral resources containing 1% Li2.O.
The 18 million tons of mineral deposits of the Marble Bar Lithium Project in the Pilbara area contain barely 1% Li2.O. Global Lithium has inked a Memorandum of Understanding (MOU) with South Korean battery producer SK Innovation to secure a consistent supply of lithium. With net assets of $50.8 million in 2022, the firm is located in West Perth, Australia.
10. Lake Resources
The last one in the list of Top 10 Lithium Extraction Companies in 2023 is the Lake Resources is an environmentally conscious lithium developer with projects in Argentina’s Lithium Triangle that will produce 40% of the world’s lithium at the lowest possible cost. Kachi is the company’s main project, with a capacity of 25,500 tons of battery-grade lithium carbonate. Lake Resources holds the Cauchari, Olaroz, Paso, and Catamarca assets and has a 10-year lithium supply deal with SK Innovation. The Australian firm has a cash reserve of $102 million USD, with SK Innovation as its primary customer.
Albemarle Corporation, Sociedad Quimica y Minera SQM, Tianqi Lithium, Ganfeng Lithium Group, Mineral Resources, Allkem Limited, Livent Corporation, Lithium America Corp, Global Lithium, and Lake Resources will be among the Top 10 Lithium Extraction Companies in 2023 around the world . These firms are lithium industry leaders known for their creative methods to lithium extraction, exploration, and production. They operate in several regions of the world, including Australia, Argentina, Chile, and the United States, and are dedicated to sustainable and ecologically friendly practices. These firms play an important role in satisfying the expanding demand for lithium, which is used in the creation of batteries for electric vehicles and other energy storage devices.