Lithium Shortage Straining Battery Supply
A shortage of lithium is driving up consumer prices for battery powered mobile gadgets, writes The Saudi Gazette.
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 spiked.
Paul Watson, CEO for GTSO resources, the mining subsidiary of Green Technology Solutions, warned that the release 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.
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