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South Korea, Bolivia Make Progress on Lithium Deal

South Korea and Bolivia are nearing an agreement to develop a coveted lithium resource in the South American country.

South Korean media quoted unnamed government officials Tuesday saying the countries are working on the final draft of a deal to be signed when Bolivian President Evo Morales visits Seoul this month. It was not clear whether the agreement would entitle South Korea to extract the lithium.

Bolivia holds roughly half of the world's lithium reserves in the Salar de Uyuni lake area. Japan, China, France and Brazil also have expressed an interest in developing the resource.

Lithium is used in rechargeable batteries for laptop computers, mobile phones and electric cars.

Some information for this report was provided by AFP.