Mitsui & Co. Ltd. said Wednesday it has won exclusive rights from a Canadian firm to sell lithium in Asia to meet rising demand for lithium-ion batteries for eco-friendly products, including hybrid vehicles.
Mitsui will import 2,000 tons of lithium per year from Canada Lithium Corp. in 2013, the company said. The quantity of Mitsui's import is equal to around 80 percent of Japan's annual demand for lithium. Mitsui said it will sell lithium in China, Japan and South Korea.
Around 60 percent of lithium was produced in Latin America alone in 2008, according to Roskill Information Services, a British data provider on international metals and minerals markets. Lithium output in North America stood at just 4.5 percent last year, it said.
"The deal with Canada Lithium Corp. will help us diversify lithium supplies. We believe it will help us become a stable provider of lithium," the company said in a statement.