Rio Tinto CEO Predicts Rising Lithium Demand Amid EV Battery Boom

Jacob Staushorn, CEO of Rio Tinto, anticipates a significant increase in lithium demand driven by the electric vehicle (EV) battery sector. Despite recent volatility in lithium prices, which have plummeted by over 80% due to slowed EV demand, Staushorn remains optimistic about the future of lithium. In a conversation with Reuters at an annual mining conference in Toronto, he emphasized the global shift towards electric mobility and renewable energy storage solutions as key factors propelling lithium demand.

Unlike some competitors, Rio Tinto plans to refrain from major acquisitions to bolster its lithium portfolio. Instead, the company will focus on enhancing its lithium extraction technologies. Staushorn highlighted the necessity for a substantial expansion in battery production capabilities, not just for EVs but also for stationary storage systems, to meet the growing global demand for lithium.