Bolivia's YLB, Russia's Uranium One sign agreement on US$1bn lithium plant

Bolivia's state-owned Yacimientos de Litio Bolivianos (YLB) and Russia's Uranium One have signed an agreement to build a US$1 billion lithium hydroxide plant in Bolivia.

The plant will be located in the Salar de Uyuni, the world's largest salt flat, and is expected to produce 15,000 tonnes of lithium hydroxide per year.

The agreement was signed on Monday, October 3, 2022, in the presence of Bolivian President Luis Arce and Russian Foreign Minister Sergei Lavrov.

The plant is expected to be operational by 2025 and will create 2,000 jobs.

The agreement is a major step forward for Bolivia's plans to develop its lithium industry.

Bolivia is home to the world's largest lithium reserves, estimated at 21 million tonnes.

However, the country has lacked the technology and expertise to develop its lithium industry.

The agreement with Uranium One will give Bolivia access to the company's expertise in lithium mining and processing.

The plant will also help Bolivia to meet the growing global demand for lithium.

Lithium is a key component in electric vehicle batteries.

The global demand for lithium is expected to grow significantly in the coming years as more and more people switch to electric vehicles.

The agreement between YLB and Uranium One is a major step forward for Bolivia's plans to develop its lithium industry and meet the growing global demand for lithium.