New plans! ExxonMobil will market lithium in 2027

Isbel Lázaro.
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Inspenet, November 15, 2023.

ExxonMobil, has begun the implementation of a lithium production facility in southwest Arkansas, United States, with the goal of launching the so-called “white gold” on the market in 2027, according to the company in a statement, which aspires to position itself as one of the main suppliers of this resource.

The company is currently immersed in the initial phase of the project and has acquired the rights to explore an area of ​​120,000 hectares with the purpose of extracting lithium using the direct lithium extraction (DLE) technique, a different approach to conventional mining and less shocking for the environment, as detailed by the oil company.

ExxonMobil’s plans

Today we announced plans to become a leading producer of lithium ,” ExxonMobil said in the statement, in which it also explained that this business will be marketed under the Mobil Lithium brand.

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The oil company plans to begin lithium production by 2027, with the additional goal of supplying the resources necessary to manufacture one million electric vehicles annually by 2030. ExxonMobil is already in the process of looking for customers and negotiating with partners specialized in battery manufacturing.

Additionally, the company is exploring other growth opportunities globally. Although the price of this metal reached an all-time high in November last year, it has experienced corrections in subsequent months. Demand for “white gold” is projected to quadruple by 2030.

ExxonMobil argues that virtually all of the world’s lithium production comes from outside the United States and is looking to boost domestic market growth. Specifically, the company will focus on the Smackover geological formation, which they consider one of the richest in lithium in the country. In addition, they highlight that Arkansas is known for its geological abundance, where gas and oil are also extracted.

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