Iran: Iran has made a ground-breaking announcement - they have discovered a large deposit of Lithium, the essential element that makes batteries for electric vehicles and electronic devices possible. This find could be an immense boon to the technological industry.

"For the first time in Iran, a Lithium reserve has been discovered in Hamedan", stated Mohammad Hadi Ahmadi, an official with the ministry of industry, mines and trade.

Lithium, often referred to as the 'oil of the 21st century' is one of the most important elements in the production of electric vehicle batteries. It has been estimated that a reserve containing 8.5 million tonnes of Lithium exists, according to the director-general of the ministry's operating department. With access to this ample supply, electric vehicles will be able to transition away from oil and reduce CO2 emissions even further.

Lithium is a white metal that is essential to the production of rechargeable batteries used in cell phones and other electronic devices. In 2022, a USGS report identified a total of 89 million tons of Lithium globally, with Australia, Chile, Argentina and China as the main sources.

In the year 2022, Lithium prices experienced a dramatic surge due to an increase in the costs of components and general inflation. This was driven by a global need for more environmentally friendly modes of transportation.