Global Lithium Mining Industry: Key Data for Sourcing and Investment
The lithium mining sector has undergone rapid transformation driven by surging EV demand, with the global lithium market valued at $28 billion in 2024 and projected to reach $75 billion by 2030. Over 90% of production is concentrated in four countries: Australia, Chile, China, and Argentina.
Production Landscape
The industry is dominated by a handful of major producers. SQM and Albemarle together account for roughly 33% of global lithium chemical production. Rio Tinto entered the top tier in March 2025 with its $6.7 billion acquisition of Arcadium Lithium, adding brine operations in Argentina and hard-rock assets in Australia.
| Company | 2024 Market Share | Primary Source |
|---|---|---|
| SQM | ~17% | Brine (Chile) |
| Albemarle | ~16% | Brine + Hard-rock |
| Ganfeng Lithium | ~12% | Integrated |
| Tianqi Lithium | ~10% | Hard-rock (Australia) |
Hard-Rock vs. Brine Extraction
Two primary lithium extraction methods define the supply chain:
- Hard-rock (spodumene)
- Dominant in Australia. Faster to bring online, higher operating cost. Pilbara Minerals produced a record 725,000 tonnes of spodumene concentrate in FY2024.
- Brine evaporation
- Dominant in Chile and Argentina (the "Lithium Triangle"). Lower cost but 12–18 month lead times. SQM targets 230,000 MT capacity from the Salar de Atacama.
Emerging Producers and Junior Miners
Beyond the majors, hundreds of junior exploration companies are developing new deposits. Brazil has emerged as a notable new source, with Sigma Lithium commissioning Phase 1 at Grota do Cirilo in 2023. In Australia, Liontown Resources achieved first spodumene concentrate at Kathleen Valley in mid-2024. Africa is another emerging frontier, with Zimbabwe already among the top five producing nations.