Argentina, Bolivia May Agree on Global Lithium Prices Next Week - Official

BUENOS AIRES (Sputnik) - Sucre and Buenos Aires may lay the foundation for determining global lithium prices during Bolivian President Evo Morales' bilateral talks with his Argentinian counterpart Mauricio Macri the next Monday, the head of Bolivia's lithium processing giant Yacimientos del Litio Bolivianos has said.

The two countries, along with Chile, make up the so-called lithium triangle, as they possess more than a half of the world's deposits of the light metal used in lithium-ion batteries for smartphones, tablets, laptops and electric cars.

"The lithium triangle's authority is undeniable and we need to create intergovernmental agreements as well as producer company agreements so that we can have the final say in pricing. We hope that our president's visit to Argentina will help create the basis for this," Juan Carlos Montenegro told the ABI news agency in an interview, published on Wednesday.

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Lithium prices are currently set by producers and buyers and not by global market demand. Due to the development of the electric car industry, there has been a boom in global demand for lithium, which has led to a dramatic increase in price for the metal in recent years.