Czech Republic big on lithium

Czech Republic is hoping to diversify its mining sector by taping into one of the hottest commodities: lithium. Demand for the metal, referred to as "white petroleum," is expected to triple by 2025, as it has become an irreplaceable component of rechargeable batteries used in high tech devices and electric cars. While global production of the metal grew by 14% last year, that wasn’t enough to meet demand, which caused prices to jump by 74% in December alone, according to London-based Benchmark Minerals Intelligence.

Banking on that growing need for lithium, a small ancient mining village is hoping to attract investors to develop a recently found lithium deposit. Something between 1.2 to 1.4 million tonnes of lithium is located around the tiny village of Cinovec, on the border with Germany. Top producers of the white metal are Australia, Chile, China and Argentina.