Saudi Arabia Lithium Reserves: The world knows Saudi Arabia for its huge oil reserves and natural gas, but this country has hit the jackpot. The day is not far when Saudi Arabia will go to another source of energy. Actually, reserves of lithium have been found in the marine area of Saudi Arabia. Saudi Arabia’s state-owned petroleum and natural gas company Aramco has started extracting lithium as part of an oil field pilot project, according to reports.
Saudi Arabia’s Deputy Minister of Mining Affairs, Khalid bin Saleh Al-Mudaifar, has announced that the kingdom will soon launch a commercial pilot project to promote direct mining of lithium. The responsibility of this project has been given to King Abdullah University for Science and Technology. Let us tell you, Saudi Arabia wants to become a hub of electronic cars, hence this country is spending billions of rupees in this field every year, meanwhile finding reserves of lithium is a big news for Saudi Arabia.
Saudi Arabia will become rich if prices increase
Saudi Arabia’s economy depends largely on its oil and natural gas reserves. To boost its economy, the country is also paying attention to alternative sources of energy. The traditional method of extracting lithium from marine areas is incurring high costs, however, if lithium prices rise worldwide, Saudi Arabia could benefit from this. Saudi Arabia’s minister says that a new technology for extracting lithium has been invented, and this project will continue in future also.
Why is Lithium important?
Lithium is considered an important source to meet future energy needs. In fact, the sources of fossil fuels are depleting rapidly, hence scientists are increasingly turning their attention towards alternative energy sources. The demand for lithium is highest in this. Lithium is also called white gold or modern oil. It is being used in making batteries for electric vehicles, mobiles, laptops, electronic cars. Due to its usefulness, its demand is increasing all over the world. Could replace oil and other traditional fossil fuels as the number one source of energy worldwide.
What is the price of lithium?
Due to increasing demand for lithium across the world, its prices are also increasing rapidly. According to reports, the price of one ton of lithium in the global market is around Rs 57.36 lakh. According to the World Bank’s estimate, there will be a 500 percent increase in global demand for lithium by 2050, in this regard, the discovery of lithium reserves in Saudi Arabia is a big sign for its economy.
Also read: Know what is that amazing thing which can make a battery that can last for thousands of years.
