Chinese state-run CITIC Guaon Group, has signed an agreement with the Bolivian state company Coipasa to develop lithium and other mineral resources, including potash. The CITIC Guaon Group has agreed to explore the area 300 km south of La Paz close to the Chilean border. Bolivian geologists believe their nation to have more than 70% of the earth’s reserves of lithium. Currently, the main producer is Chile and the United States are the leading consumer of lithium minerals and compounds and the leading producer of value-added lithium materials. Coipasa was established in 2010.