Lithium, one of the raw materials in various batteries, is the element powering the technological revolution over the past 30 years that has led to people having
exponentially more electronic devices in their lives. According to Lopez et al. (2019), lithium prices have changed dramatically in the last 10 years. In 2012, the
price for lithium was $9.50 per pound ($4.30/kg). At the end of January 2022, the price reached $110.23 per pound ($50/kg). Projected annual worldwide demand
could reach 425,000 tons (386,000 tonness) by 2025.