As petroleum begins to be phased out from its place as the commodity driving the planet’s growth, it is the turn of lithium to shine.

From Saudi Arabia to Norway, many of the world’s wealthiest economies have been built on the allure of black gold. From deep sea wells to shallow projects, the world’s superpowers have invested colossal sums in sucking trillions out of the earth.

A key part of the global demand for oil is the automotive industry. Diesel and Gasoline are the two petroleum derived fuels that are intrinsic to the global petroleum industry. Yet with the electric car industry growing at a phenomenal pace it is clear that demand for these two fuel types will fall considerably.

Indeed, the growth of the electric vehicle industry has moved in tandem with the growth of the lithium ion battery industry. Lithium ion batteries are used in cars such as the range of Tesla and recently launched electric vehicles such as the Nisan Leaf.

Lithium is likely to be the metal that will be driving the rise of the electric car industry in the developing world, in particular China, which is leapfrogging the West in its rush to embrace renewable technologies and EVs.

One country that is undoubtedly excited at the prospect of a further surge in demand for Lithium is Chile. The world’s largest lithium producer, and is already one of the global centres of mining excellence. A future hotspot is Bolivia, home to enormous untapped reserves.