Lithium Miners Australia, Chile See Riches as EV Battery Makers

The race by Tesla Inc., Samsung SDI Co. and other technology giants to secure supplies of lithium — a key ingredient in batteries for electric vehicles and smartphones — is creating a unique chance for two global mining superpowers to reap more value from their natural resources.

Australia and Chile are looking to lithium to help them escape a cycle that for decades has had the two nations digging out minerals such as iron ore and copper, only to see them refined and turned into valuable products abroad.

Almost three-quarters of the world’s lithium raw materials come from mines in ...