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Yes. But there's a constant flux of lithium require (flow) for an economy based on battery storage -- or at least so long as lithium is your battery substrate.

How much is determined by the storage per vehicle, vehicles per capita, lifetime of the battery pack, and recovery rate of recycling.

If you go to an inventory of mineral or element prevalence in the Earth's crust, you'll come up with a list of elements and what percentage (usually by mass) they constitute of the Earth's crust.

Strategic minerals: iron, copper, zinc, silver, gold, tin, lead, mercury, gallium, etc., etc., all have specific rates of occurrence. We mine them from ores in which they're more concentrated, because that's easier (again: less energy requirement), but those ores are scarce. Ultimately the question becomes how much energy is required to access minerals vs. how much energy do they make available. If the first exceeds the second, they're a losing proposition no matter the technology applied to extraction.

Ore concentrations are formed by various mechanisms -- and I understand them only partially, this isn't my field, though I'm studying it now. Iron, for example was largely concentrated into ores billions of years ago, during the first big flourishing of life on Earth, in the Great Rusting. Biological activity, mostly algae, concentrated what had previously been unoxidised molecular iron (sourced from cosmic material that coalesced on Earth).

Other mineral ores seem to also have biological origins in concentration, some various chemical transformations, some geological activity (coal, oil, and natural gas most notably), some are pretty directly remnants of late meteor or asteroid impacts -- especially gold and heavy elements which would otherwise have sunk to the Earth's mantle and core.



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