Lithium reserves: could new discoveries reverse global shortage? Lithium is a key component of EV batteries. A global supply shortage may be reversed into a surplus for 2023, Bank of America predicts, as two major reserves of the metal were recently discovered. The first one, possibly the world's second largest, was found in Iran, creating a set of geopolitical implications. The second one was found in India, but mining the resource comes at a major environmental cost.
