Iranian geologists have discovered the country’s first lithium reserve with an estimated 8.6 mn tons of mineral, Iranian news agency Mehr News reports. If estimates are correct, this would place Iran in the top five lithium producers globally. The discovery potentially signals the existence of other precious metal deposits in the country, the news agency quotes Director General of Geological Exploration at the Iranian Ministry of Industry Ibrahim Ali Malabiji as saying.

Why is this important: Lithium is a necessary component for the production of EV batteries and electronics. Several countries in the region have been doubling down on mining efforts in a bid to meet rising demand for the mineral, which is among several “green metals” considered key for the energy transition.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Abdul Latif Jameel-backed EV startup Rivian Automotive posted USD 663 mn in revenues in 4Q 2022, less than analysts’ estimates of USD 742.4 mn. Company shares plunged over 16% yesterday after the news. (CNBC | CNN)

UK-based consultancy Translucidus is partnering with Norwegian wave-power company Havkraft to establish Oman’s first wave energy power generation facilities. (Oman Daily Observer)