Global demand for lithium, particularly in energy storage applications, is set to rise dramatically, with estimates suggesting a twelvefold increase by 2050. This projection comes from Rystad Energy, a prominent market intelligence firm. In a discussion at the Critical Minerals Africa 2024 Summit, Erik Holm Reiso, Senior Partner & Head of EMEA at Rystad, explained that while alternative battery technologies are advancing, lithium-ion batteries will continue to dominate the market. Reiso pointed out that most commercial battery providers still rely heavily on lithium-ion technology, ensuring its enduring market share.
Looking ahead, China is expected to lead the global market, with Zimbabwe playing a significant role in boosting Africa’s contribution to the worldwide supply chain. The demand for other essential materials, including wood, plastic, and critical minerals such as cobalt, copper, and aluminium, is also expected to rise substantially. This increase, from 9 million to 12 million tons by 2050, is driven by growing populations and improving living standards, key factors influencing the energy transition.
Reiso stressed that African governments must incentivise the development of critical mineral projects by establishing tax policies that support rapid deployment. Furthermore, he highlighted the crucial role of the private sector in providing the necessary funding, services, and technologies to drive the success of these projects. This collaboration is vital for seizing the opportunities presented by the global energy transition.
Firering Strategic Minerals plc (LON:FRG) is an AIM-quoted mining company focused on becoming a near-term cash generating producer of Quicklime, through their Limeco Project in Zambia, whilst at the same time progressing with the exploration and development of their Atex Lithium Project, Côte d’Ivoire.
