Lithium Mining Competition: Major Shake-up of the Top 4 Countries by Global Reserves

The lithium supply landscape is quietly changing.

Global lithium reserves are 30 million tons, with the four major players controlling nearly 30% of the resources. Chile holds the top position with 9.3 million tons, but Australia is expected to surpass in production in 2024, becoming the largest producer. Behind this is a comparison of hard power:

Chile (9.3 million tons): The largest reserves in the world, but policy bottlenecks. President Boric announced partial nationalization in 2023, with Argentine state-owned enterprise Codelco set to take over a large stake. Progress is slow, and there are many discussions— the winner of the lithium mining contract will only be announced in March 2025.

Australia (7 million tons): Although its reserves are less than those of Chile, it was the largest producer last year. The Greenbushes mine in Western Australia has been operating at full capacity since 1985. However, prices have plummeted, forcing many companies to cut production or halt operations—this is also why various states are exploring new mining sites.

Argentina (4 million tons): A part of the “Lithium Triangle”, producing 18,000 tons in 2024. The government has invested heavily—committing $4.2 billion to a three-year plan in 2022, and approving expansion projects in 2024. Rio Tinto recently announced an investment of $2.5 billion to increase production capacity from 3,000 tons to 60,000 tons.

China (3 million tons): Fourth in reserves, but there are variables this time. In early 2025, official media revealed that lithium ore reserves surged to 16.5% of the global total (up from just 6% the previous year), with a newly discovered 2800-kilometer lithium ore belt and reserves exceeding 6.5 million tons. The U.S. Secretary of State also angrily confronted China over the “price war” that has driven down global lithium prices.

Key Highlights: Demand for EVs and energy storage is expected to increase by over 30% by 2025, but there are conflicts on the supply side. Chile's policy, Australia’s production cuts, and China's covert strategies, Argentina is starting to make moves. Will lithium prices continue to spiral?