Batteries make electric vehicles work, which is why the booming EV industry needs lots of them. However, Snow Lake Lithium has announced its mine has enough lithium in reserve to produce enough batteries for 5 million EVs, as reported by Electrek.
Tesla is also interested in mining lithium.
Snow Lake plans to run an environmentally conscious mine when it goes into operation. It has secured a 55,000-acre site in Canada where it will mine lithium for use in making EV batteries. The company will run a commercial electric mine to prevent producing greenhouse gases. The power will come from hydro sources.
More than 500,000 cars will run on batteries made from lithium mined responsibly by Snow Lake. It expects to find willing customers in EV makers eager to qualify for the revised US federal tax credits. This will help reduce the dependence on Chinese supply chains. The mine is located in an area that makes the mine easy to transport to the US through rail.
Snow Lake’s mine is located in Manitoba, Canada. It has been conducting surveys since buying the site in 2016. However, production is still some years away as it pursues all necessary permits. It is also searching for a partner to process the lithium into lithium hydroxide for use in EV batteries.
Meanwhile, CATL won the rights to explore lithium in China in April.
