The lithium price spike that triggered a global exploration rush has substantially unwound, leaving marginal projects stranded and governments recalculating expected revenue.
Producing countries in South America have responded by seeking a larger share of processing rather than exporting concentrate, a strategy that requires reliable power and patient capital.
Water use remains the sharpest local dispute. Brine extraction in arid regions competes directly with agriculture and indigenous communities, and consultation processes have often been perfunctory.
Demand for the metal is not going away. The question is which producers survive the trough well enough to supply the next upswing.
