Kazakh lithium deposit development pushed by Korean geoscience research institute

Researchers investigate a lithium deposit in eastern Kazakhstan in this photo provided by the Korea Institute of Geoscience and Mineral Resources on March 5, 2024. [YONHAP]

A Korean geoscience research institute said Tuesday it found a lithium deposit in Kazakhstan last year and plans to push for its development.

The deposit was found in a 1.6 square kilometer (395 acre) area of pegmatites in eastern Kazakhstan, where tantalum was mined in the past, the Korea Institute of Geoscience and Mineral Resources (Kigam) said in an international forum on key minerals in southern Seoul.

Kigam has studied the area since May last year with a request from the Kazakhstan government, considering tantalum normally comes along with lithium and cesium.

Lithium is one of the most important critical minerals for the electric vehicle industry as it is a fundamental component of batteries.

The area has resources worth 21 trillion won ($15.7 billion) buried, Kigam said, citing Kazakhstan data.

Some of the lithium found in the area had a grade up to 5.3 percent, according to an analysis by a Canadian agency, Kigam added, noting that lithium from a mine in western Australia has a grade of 2.1 percent.

Kigam plans to apply for a drilling investigation right for the area to start mining lithium next year with a Korean company.

The details of the company were not disclosed.

Kigam said it is also investigating another critical mineral, nickel, in western Mongolia.

The institute said it plans to expand cooperation with Mongolia for various mineral development as Korea and Mongolia signed a memorandum of understanding for investigation of rare minerals last year.

"We will work to create a new supply chain incorporating Central Asia, Southeast Asia, Northeast Asia and Africa by delivering our superb technologies," Kigam President Lee Pyeong-koo said.

Yonhap