Argentina, Bolivia, and Chile; in the mining industry these three Latin American countries are commonly known as “the ABCs of Lithium,” as together they contain an estimated 70 to 85 percent of the world's 13 million tons of known lithium reserves. While Bolivia is believed to account for the majority of that figure, holding more than half of world reserves, its government's mining policies are not at all friendly to foreign investment. In fact, President Evo Morales has aggressively worked to keep lithium exploration under the government's control, leaving Argentina and Chile to lock horns over the top spot in the global lithium market. Both countries have received sizable amounts of foreign investment in lithium exploration. For now, Chile continues to earn its distinction as “the Saudi Arabia of lithium” when compared to Argentina. Chile holds 25 percent of world lithium reserves, accounts for 44 percent of worldwide revenue, and provides 61 percent of lithium imports to the United States compared to its Latin American rival's ten percent of world reserves, 11 percent of worldwide revenue, and 36 percent share of US demand. However, antiquated mining laws have stood in the way of advanced production out of Chile, and new developments in Argentina as well as new projects in Australia and China, stand to threaten Chile's status in the global lithium market. “In Argentina, at least three lithium projects are in a very advanced stage of development and probably will start producing within the next two years,” Daniela Desormeaux, economist and Chile-based lithium expert at SignumBOX, told Lithium Investing News. Luckily for foreign mining companies operating in Chile, the nation is keen on holding tight to its top dog position. The Chilean government recently announced key changes to mineral classifications under a decades-old mining law in an effort to stay competitive in the global lithium market while still maintaining control of its resources in the national interest.