Lithium Jackpot: Saudi Arabia Strikes Gold in Unexpected Place.
In a tweet made by @Currentreport, Saudi Arabia have reportedly discovered lithium reserve in its oil field.
Recall that Saudi Arabia is one of the highest producers of crude oil in the world, making it one of the richest Arabian countries in the world.
Now, another mineral resource has been added to them, called “lithium,” also known as “white gold.”
But why is lithium important and considered as “white gold?”
First, Lithium is a key component in lithium-ion batteries, which power many portable electronic devices, electric vehicles, and renewable energy systems.
As the world transitions to cleaner energy, demand for lithium-ion batteries is skyrocketing.
Secondly, “white gold” is relatively rare, making up only about 0.002% of the Earth’s crust. Most commercial lithium deposits are found in a few countries, including Chile, Australia, and China.
Thirdly, there is a growing demand for electric vehicles, renewable energy systems, and portable electronics has created a surge in “white gold” demand.
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This trend is expected to continue, driven by government policies and technological advancements.
So you see? Lithium is considered a precious mineral resource due to its limited supply, increasing demand, diversified applications, and economic importance.
As the world continues to transition to cleaner energy and more sustainable technologies, the demand for this mineral referred to as “white gold’ is likely to remain strong.
That is why Saudi Arabia is considered lucky to discover this precious mineral in its soil.
And as you may guess, this will make Saudi Arabia richer and boost their already strong economy.
This may also mean more display of wealth by the Arabian Royal family.
