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Lithium supply strained

Everybody loves mobile gadgets but a shortage of lithium is driving up consumer prices for these battery powered devices. Lithium is the main ingredient in long-life batteries used in smartphones, tablets, electric vehicles and other sought-after products. In recent years, the mineral’s priced tripled as demand spikes. Paul Watson, CEO for GTSO resources, the mining subsidiary of Green Technology Solutions, warned that the launch of the iPhone 5 will further strain global stockpiles. The market for lithium is now valued at $1 billion a year. Market research forecasts that the lithium-ion batteries market will reach $43 billion by 2020. These batteries generate more electricity than competing cells such as lead-acid. GTSO is urging greater interest in the recycling of lithium batteries to help meet the growing requirements for the metal.

Source saudigazette.com

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