Ukraine welcomes Australian mining investment

According to the Nightly, Myroshnychenko said Russia is looking to break the bond between the US and Europe.

“If Russia achieves what they want, that would be a world of chaos … where might is right, where the stronger one will have the power and in this world, Australia has no chance of surviving,’ he said.

“There is a moral argument in terms of security, democracy and helping Ukraine, helping the underdog who’s been bullied; it’s all valid but I think we have to talk about money,” Myroshnychenko continued.

He opened the invitation to non-mining companies as well, noting, “This is an opportunity for Australian companies, for mining companies, to come and invest in Ukraine together with American companies.”

Australia’s support of Ukraine

Australia and Ukraine have a long history of cooperation and allyship.

The country supplied uranium to Ukraine in 2016 via an agreement where Ukraine joined other countries in a pact with Australia, ensuring that uranium obtained from Australia is designated strictly for peaceful uses.

A Nuclear Cooperation Agreement with Ukraine was announced in 2017 by Julie Bishop, then the country’s foreign affairs minister, enabling Australia to export uranium to Ukraine and enhance cooperation between the countries on activities such as nuclear safeguards, security, safety and science.

During Ukraine’s defense against Russia, Australia has assisted Ukraine by offering cash and resource support.

In 2022, the Australian mining sector and the federal government joined hands in offering donations.

Australian Resources & Investment notes said that Whitehaven Coal (ASX:WHC,OTC Pink:WHITF) produced 70,000 tonnes of thermal coal to be donated to Ukraine to support its energy security.

Major miners BHP (ASX:BHP,NYSE:BHP,LSE:BHP), Newmont (TSX:NGT,NYSE:NEM) and Anglo American (LSE:AAL,OTCQX:AAUKF), each donated US$5 million at the time for humanitarian relief.

Last October, the Australian government gifted 49 M1A1 Abrams tanks to Ukraine to assist in its fight against Russia’s invasion. This donation was valued approximately AU$245 million.

On the third anniversary of Russia’s full-scale invasion of Ukraine, an announcement by Senator Penny Wong said Australia’s military assistance to Ukraine during that time amounts to over AU$1.3 billion.

In total, the support is valued at over AU$1.5 billion.

“Australia has now imposed a total of more than 1,400 sanctions in response to Russia’s full-scale invasion of Ukraine,” Wong said. “Working with Ukraine and our partners, Australia supports a just and lasting peace for Ukraine.”

Australia seeking rare earths independence

While Myroshnychenko invited broad investment in Ukraine’s resource sector, rare earths may be of special interest to Aussie miners as the country makes moves toward rare earths supply independence.

These include strategies from both the government and mining companies such as Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF), a leading producer of rare earth materials outside of China.

Lynas owns the recently opened Kalgoorlie rare earths processing facility in Western Australia, the country’s first rare earths processing facility and the largest facility outside China.

On February 12, the Australian government passed the Critical Minerals Production Tax Incentive, which will provide a refundable tax credit on 10 percent of eligible costs associated with the production of critical minerals and rare earths.

Federal Resources Minister Madeleine King said the incentives are valued at AU$7 billion over the decade.

“The passing of this legislation is a historic moment for the resources industry and a big deal for resource states like Western Australia and Queensland,” she explained. “By processing more of these minerals here in Australia we will create jobs and diversify global supply chains.”

FAQs for biofuel stocks

1. Chile

Lithium reserves: 9.3 million metric tons

Chile holds the largest lithium reserves in the world at 9.3 million metric tons. The country reportedly hosts most of the world’s “economically extractable” lithium reserves, and its Salar de Atacama region houses approximately 33 percent of the world’s lithium reserve base.

Chile was the second biggest producer of lithium in 2024 at 44,000 metric tons (MT). SQM (NYSE:SQM) and Albemarle (NYSE:ALB) are the key lithium producers in Chile, with operations in the Salar de Atacama.

In late April 2023, Chilean President Gabriel Boric announced plans to partially nationalize the country’s lithium industry in a bid to bolster the economy and protect the environment. “This is the best chance we have at transitioning to a sustainable and developed economy,” he said at the time.

Chile’s state-owned mining company Codelco has negotiated for much larger stakes in both SQM and Albemarle’s lithium assets in the country, and will have controlling interests in all operations in that salar going forward.

According to the Baker Institute, Chile’s strict legal framework surrounding mining concessions has hamstrung the lithium powerhouse from gaining a bigger share of the global lithium market comparable with this mineral largess.

In early 2025, Chile received seven bids for lithium operation contracts across six salt flats, with a key contender beign a consortium of Eramet (EPA:ERA), Chilean miner Quiborax and state-owned Codelco. The government will announce winners in March 2025, while a second bidding phase has been extended to boost participation.

2. Australia

Lithium reserves: 7 million metric tons

Australia’s lithium reserves stand at 7 million metric tons, the majority of which are found in Western Australia. Unlike those found in Chile and Argentina, Australia’s lithium reserves are in the form of hard-rock spodumene deposits.

Although it is second to Chile in reserves, Australia was the largest lithium-producing country in the world in 2024, with many operational lithium mines in the country.

The country is home to the Greenbushes lithium mine, which is operated by Talison Lithium, a joint venture comprised of lithium producers Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466), Australian miner IGO (ASX:IGO,OTC Pink:IPGDF) and Albemarle. Greenbushes has been producing lithium since 1985.

A sharp decline in lithium prices has led some of the country’s lithium companies to curtail or outright halt their lithium operations and development projects until market conditions improve.

While Western Australia dominates lithium exploration, new research highlights untapped potential in Queensland, New South Wales and Victoria. Published in ‘Earth System Science Data,’ the 2023 study — led by University of Sydney researchers with Geoscience Australia — maps regions with high lithium density, signaling broader opportunities for the growing battery metal market.

“We’ve developed the first map of lithium in Australian soils which identifies areas with elevated concentrations,” said Professor Budiman Minasny. “The map agrees with existing mines and highlights areas that can be potential future lithium sources.”

3. Argentina

Lithium reserves: 4 million metric tons

Argentina ranks third in terms of global lithium reserves at 4 million metric tons. It’s worth noting that Argentina, Chile and Bolivia comprise the “Lithium Triangle,” which hosts more than half of the world’s lithium reserves. The country is also the fourth largest lithium producer in the world, and last year it put out 18,000 MT of the metal.

In May 2022, the Argentine government committed to investing up to US$4.2 billion in its lithium industry over the next three years with the goal of increasing lithium output.

More recently, in April 2024, the government greenlit Argosy Minerals’ (ASX:AGY,OTC Pink:ARYMF) expansion of its operations at the Rincon salar to raise annual lithium carbonate production from 2,000 MT to 12,000 MT.

Argentina hosts around 50 advanced lithium mining projects, reports Fastmarkets. “Argentina’s lithium production remains cost-competitive even in a low-price environment,” said Ignacio Celorrio, executive VP of legal and government affairs at Lithium Argentina.

In late 2024 mining major Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced plans to invest US$2.5 billion to expand lithium extraction at its operations on Argentina’s Rincon salar, increasing capacity from 3,000 to 60,000 MT, with full capacity reached following a three-year ramp up period beginning in 2028.

4. China

Lithium reserves: 3 million metric tons

China holds lithium reserves of 3 million metric tons. The country has a mix of deposit types; lithium brines make up the majority of its reserves, but it has spodumene and lepidolite hard-rock reserves as well.

Last year it produced 41,000 MT of the mineral, a 5,300 MT increase from the previous year. While it does have significant production and is working to increase it, the Asian nation currently still imports most of the lithium it needs for its battery cells from Australia.

China’s lithium usage is high due to its electronics manufacturing and electric vehicle industries. It also produces the majority of the world’s lithium-ion batteries and hosts most of the world’s lithium-processing facilities.

In October 2024, the US State Department accused China of flooding the market with lithium to create a low price environment to kill off ex-China competition.

“They engage in predatory pricing… (they) lower the price until competition disappears. That is what is happening,” stated Jose W. Fernandez, the US Under Secretary of State for Economic Growth, Energy and the Environment.

In early 2025, Chinese media reported that the country has significantly bolstered its lithium ore reserves, claiming national deposits now account for 16.5 percent of global resources, up from 6 percent.

The surge is attributed in part to the discovery of a 2,800 kilometer lithium belt in the western regions, with proven reserves exceeding 6.5 million tons of lithium ore and potential resources surpassing 30 million tons. Additionally, advancements in extracting lithium from salt lakes and mica have further expanded China’s reserves.

Other lithium reserves by country

While Chile, Australia, Argentina and China are home to the world’s highest lithium reserves, other countries also hold significant amounts of the metal. Here’s a quick look at these other nations:

• United States — 1,800,000 MT
• Canada — 1,200,000 MT
• Brazil — 390,000 MT
• Zimbabwe — 480,000 MT
• Portugal — 60,000 MT

As the lithium industry continues to grow, production has followed, and many of these countries with high reserves are becoming significant producers as well.

FAQs for lithium reserves