134 new mines needed to meet 2050 lithium demand | Mine to Grid Monthly

Oct 28, 2026

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Key Industry Developments

Crunching the Numbers

Charting the Energy Revolution: Upstream

Between now and 2050, the lithium industry will need the equivalent of 134 new lithium mines to keep pace with rising demand for the critical mineral. Of these, 44 are needed to meet demand growth between 2040 and 2050 alone.

Benchmark Mineral Intelligence forecasts that global lithium demand will reach ~7 million tonnes of lithium carbonate equivalent (LCE) in 2050, with 76% of this driven by electric vehicles.

Read the full analysis here

Benchmark Launches Ten New Critical Mineral Markets

Tungsten, Titanium, Uranium, Molybdenum, Vanadium, Silicon Metal, Gallium, Germanium, Boron and Zinc.

This expansion takes Benchmark’s market intelligence beyond the battery ecosystem, into increasingly strategic materials that underpin defence, energy and advanced manufacturing – while staying true to our focus on future-facing supply chains.

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Policy: Geopolitical Supply Chain Highlights

Three policy moves set to reshape China’s EV exports – China’s electric vehicle (EV) exports have risen 132% in the first 9 months of 2026 compared to the same period last year.
Upstream and downstream policy push: Europe Regional Spotlight – Compared with China and the US, Europe’s upstream and downstream footprint in the global battery supply chain footprint is small. However, a package of policies under the EU’s Industrial Accelerator Act (IAA) is looking to boost its manufacturing presence in the industry.
UK considering alignment with EU over tariff on Chinese EVs – While countries including the US, Turkey, and Mexico have been ramping up tariffs on electric vehicles (EVs) made in China, EV imports from China into the UK have continued to face a standard 10% import duty. The UK’s largest trading partner, the EU, introduced tariffs on China-made BEVs in 2024.

Charting the Energy Revolution: Downstream

Benchmark Mineral Intelligence reports that 2.15 million electric vehicles (EVs) were sold globally in September 2026, bringing year-to-date (YTD) 2026 EV sales to 15.5 million. In September 2026, EV sales increased by 17% month-on-month and decreased by -2% year-on-year.

Benchmark Mineral Intelligence Data Manager, Charles Lester, commented:

“Global EV sales rebounded in September, rising 17% month-on-month to 2.15 million units, though they were down 2% year-on-year as a sharper contraction in North America and a weaker domestic market in China outweighed record-breaking sales in Europe. Year-to-date sales now stand at 15.5 million units, up 3% on the same period last year.”

Read the full analysis here