The world industry is rapidly shifting from combustion engines to electric generators and the world is starving for lithium-ion batteries. In addition to the carbon-free future, it will require a large number of batteries to store wind and solar energy on the grid.
Data collected by Bloomberg shows that the demand for lithium-ion batteries will increase by approximately 526 megawatts by 93,000 gigabytes by 2020. To meet demand, annual lithium carbonate production must grow from its current 520,000 metric tons. By 2028 to 2.8 million metric tons, the Restad Energy study estimates.
The study warns that a new supply deficit could pose a risk from 2026-2027 if new mines are not started.
Atomredmedzoloto (RMA), a state-owned nuclear power company, plans to produce lithium alloys on both the Kola Peninsula and the Siberian Irkutsk region.
Investments in Russia’s lithium mining projects are estimated at more than 50 billion rubles (570 million euros), RMM Business Development Director Russia Dummedov told Commerman.
Dimukmedov said government support measures would be taken to address tax benefits, avoid administrative restrictions and attract long-term project funding.
RMS does not identify the location of such lithium deposits on the Cola Peninsula, but Kolmozero deposits are located between the Kibbutz plateau and half of the coast to the Barentes Sea, where the most abundant sedimentary pegmatites are lithium.
The deposit, bordering the largest Murmank Tundra state national park, is located in Europe’s largest desert area, which has no infrastructure such as highways or other routes.
Mining in remote areas is not new to the Rosatom subdivision. Novaya Zemlia in the Russian Arctic for zinc mining in the Pavlovsky mine has previously been reported by Barents observers.
RMS is also looking to invest in lithium production by buying shares in mining companies in Argentina, Bolivia and Chile.
Although it is more expensive to produce deposits in northern Russia, Rosatom may be a priority, Kommersant reports, adding that lithium is a raw material for thermoelectric equipment. In modern thermonuclear devices (hydrogen bombs) lithium ditridide is used as a fuel.
In March of this year, Rosenat sub-RENERA LLC acquired a 49% stake in South Korean company Enerte International, a manufacturer of lithium-ion battery cells. The agreement between the two companies will include the production of lithium-ion cells and energy storage systems in Russia by at least 2 gigabytes by 2030, Rosatom said at the time.