Chile has 28% more lithium than previous estimates, new study says

Chile's total lithium resources are 28% greater than previously estimated, according to new studies of salt flats in the northern Antofagasta region that show a higher amounts of the metal, state mining body ENAMI said Monday.

A new analysis shows the La Isla salt flat holds 2.13M metric tons of lithium, 2.5x higher than a prior estimate, while the Aguilar salt flat holds just under 1M tons of lithium, 40% more than previously estimated, according to ENAMI.

Together, ENAMI said, the findings add 3.05M tons of lithium to Chile's total resources, which the U.S. Geological Survey had estimated at 11M tons.

According to USGS, Chile is the world's third-largest holder of lithium resources after Bolivia and Argentina, as well as the world's second-largest lithium producer, with its Atacama salt flat providing output for state-run miner SQM (SQM) and U.S.-based Albemarle (NYSE:ALB).

Albemarle (NYSE:ALB) finished Tuesday's U.S. trading as the day's largest loser on the S&P 500, -12.7%, while SQM (SQM) and Lithium Americas (LAC) closed -9% and -10.5%, respectively.

ETFs: (LIT), (BATT)