Citic to study Bolivian lithium deposit

The exploration of lithium deposits in Bolivia received a new partner today. Local dictator Evo Morales has signed an agreement with China International Trust and Investment Corporation (Citic) to develop the reserves at the Coipasa salt flats, joining Japanese and Korean companies already working in the South American nation.

According to Luis Albertino Echazu, head of Bolivian state-owned miner Ebre, Citic has agreed to conduce a study to quantify reserves in Coipasa. If the study is positive, the Chinese company will submit a plan for development for lithium production from the salt flats. It is believed that Coipasa may host 100 million tonnes of lithium, which could be the world's largest estimated lithium resources.

Bolivia hopes to develop it as applications and markets for lithium products such as batteries increase. Like any other mining venture signed under Evo Morales presidential term, today's agreement reads that the state will retain overall ownership and control of the lithium resources.