FMC makes plans for lithium source

Plans to explore and develop a source of lithium in Bolivia were announced recently by FMC (NYSE).

Source of the lithium is a brine deposit considered to be among the largest reserves of the mineral in the world. Estimated size of the deposit is 8.9 million tonnes lithium metal.

FMC will invest US$50-90 million (depending on the size of the production facility) on the project, which is expected to be in production within four years. The Bolivian government must ratify the exploration and development contract.

Lithium has application in the production of lubricant grease, ceramics and glass products, pharmaceuticals, batteries, silicon chips and in various other fields.

FMC currently produces lithium from spondumene rock mined in North Carolina. Since 1991, the company says it has been exploring a brine deposit in Argentina of significant size.