ISTANBUL

China announced Tuesday the discovery of new lithium ore deposits totaling 490 million tons in central Hunan Province.

The deposit has been classified as an altered granite-type lithium reserve and is estimated to contain around 1.31 million tons of lithium oxide, along with other minerals including rubidium, tungsten, and tin, according to the state-run Xinhua News Agency.

The deposit is located in the Jijiaoshan mining area in Linwu County, reported the outlet, citing the provincial department of natural resources.

Lithium is a key component for smartphone batteries and other rechargeable batteries for electronics, electric vehicles, and grid storage.

China's lithium reserves were reported to have risen to 16.5% of the total global amount in January, according to the China Geological Survey under the Natural Resources Ministry, placing the country second globally after Australia.