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Tesla evaluates buying lithium mining to equip its electric cars

Inspenet, February 22, 2023

The international media Bloomberg reported that the Tesla company, owned by billionaire Elon Musk, could buy a lithium mining company in Brazil for an amount of 3 billion dollars.

“The Elon Musk-led electric vehicle maker has been speaking with potential advisers about an offer, said the people, who asked not to be named citing confidential information. Sigma Lithium is one of multiple mining options that Tesla is exploring as it evaluates its own refining,” he says.

From the medium they assure that the largest shareholder of Sigma Lithium, A10 Investimentos, is considering promoting the sale of the company and Tesla has shown interest.

One of its main projects is lithium mining in the state of Minas Gerais, known for its large deposits. They have a goal of producing 766 thousand tons per year.

Sigma Lithium’s share price has tripled over the past year, making it a tougher target to acquire. The stock also shot up 24% in the aftermarket following the report that Tesla is interested in acquiring it.

Demand for lithium has grown enormously for electric car batteries, an industry that expects to continue growing in the coming years in order to kill off combustion engines and prevent further global pollution.

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Photo : Image by Blomst from Pixabay

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