Arkansas Lithium Deposits Spark Investment Surge

📆 9/17/2024 11:32 PM
📰 OilandEnergy

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Lithium News

Lithium Mining,Arkansas Lithium,Smackover Formation

Arkansas' Smackover Formation is emerging as a critical source of lithium, attracting significant investments from major players like ExxonMobil and Koch Industries as the US aims to ramp up domestic lithium production.

The United States is vying to become competitive in global lithium production as demand picks up for the “critical mineral”. Although a commonplace alkali metal, lithium is becoming known in the energy and mining sectors as ‘white gold’ due to its central role in rechargeable batteries.

ExxonMobil’s Dan Holton recently told the Economist in June that a “material” portion of the $20 billion that the oil supermajor has earmarked for low-carbon investments from 2022 to 2027 will be funneled to the lithium sector. “By 2030 the company hopes to produce enough lithium to supply 1m electric vehicles a year,” the Economist reports.

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