Thailand discovered nearly 15 million tons of lithium, a key component for the booming renewable energy industry, most notably electric vehicles, and smartphones.

The area containing the valuable resource was found in the southern province of Phang Nga.

According to the government, the unearthed amount placed the country in third place globally in terms of lithium reserves, directly following Bolivia and Argentina in South America. But the deposits' economically-feasibly volume is yet to be known.

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Government Deputy spokesperson Rudklao Intawong Suwankiri stated that the mineral was located in two separate sites.

"We are trying to find out how much can we use from the resources we found. It takes time," Rudklao told The Nation television station, according to AFP.

"It’s good news. It’s an opportunity for Thailand to become self-reliant in the production of EV batteries."

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The United Nations labels lithium a "pillar for the fossil-fuel-free economy" due to its potential to store energy as part of the transformation into clean power in the future.

Thai Prime Minister Srettha Thavisin earlier announced a goal to convert the country into a center for regional EV production.

Several Chinese EV pioneers have started investing in the South Asian country to build facilities in what is becoming the region's key auto production hub. Meanwhile, others are currently allocating budgets to funnel into Thailand to follow up with competitors.

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