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The UK economy is set to receive a major boost thanks to Cornish Lithium, a British eco-technology company that’s focused on mineral exploration and development of lithium. Lithium is a vital element that is used in the production of electric vehicles, and there is said to be an abundance of it in southwest England.
Jeremy Wrathall, the CEO of Cornish Lithium, believes that with a vital element like lithium being mined in the UK, Britain could successfully cut its reliance on fossil fuels.
Speaking to Express.co.uk, he said: “It’s speculated that there’s going to be an OPEC of minerals, of lithium, and think that’s possible.
“Lithium could become the mineral that replaces the measure of industrial activity just like oil has been.
“Oil will not disappear at all, because we’d still need it for plastics and all sorts of chemicals.
“It certainly won’t disappear, but lithium will become extremely important economic health globally.”
With Russia supplying a major part of Europe’s natural gas, becoming a major hub of electrical batteries could ensure that the UK is able to replace Russian natural gas as an energy source.
Mr Wrathall also believes that the presence of lithium in Cornwall means that the UK will not be forced to rely on China, who currently has massive influence on the electric batteries industry.
He said: “If we didn’t have any lithium in the UK, we would be wholly reliant on imports.
“Given that China controls roughly 80 percent of the battery chemicals market, we would be dependent on imports from China or elsewhere.
“Therefore it is very difficult for the automotive industry to flourish under that scenario.
“This is why it is hugely important that if we have the right geology, and we do, we seek to try and evaluate whether we can develop that into a commercially viable lithium industry.”
Since 2015, China has been consolidating control of global supply lines for strategic minerals like lithium as part of its Made in China 2025 initiative.
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Mr Wrathall warned that importing lithium from China would be disastrous for the environment, as those minerals and batteires would have to be transported via fossil fuels.
He also highlighted that Britain has a “uniquely good opportunity to thrive” in the electric vehicles industry, more so than the EU.
He said: “It is great that we do have minerals here. We do have the lithium here
“We do have the automotive industry and the engineering capability here.”
“We have the innovative capabilities here, and therefore we are in a position in to great a real powerhouse of batteries and battery raw materials in the UK.
“That is not the same in Europe.”
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