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BYD Plans To Enter The Mining Sector. The Multinational Aims To Mine Lithium To Supply The Growing Demand For Electric Vehicle Batteries.
BYD, the giant Chinese multinational, is considering investing in lithium mining in Brazil to support the production of batteries for electric cars. Following the official confirmation and launch of the groundbreaking ceremony for the Camaçari (BA) factory, the Chinese automaker seeks to expand its supply of raw materials.
BYD Aims To Have Mining Operations In Brazil
In an interview with Bloomberg Línea during the inauguration of a brand dealership in São Paulo (SP) this week, Stella Li, BYD’s global vice president, highlighted that the company prefers to purchase any available and accessible resource; however, it needs to be competitive.
At the same time, the multinational BYD also prefers to have some mining operation in Brazil. Early last week, BYD launched the groundbreaking ceremony for its hybrid electric car and battery factory in Camaçari, Bahia, a site that previously belonged to Ford and had been returned to the Bahian government after a lengthy negotiation with the American brand.
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As the world’s largest plug-in electrified vehicle manufacturer (battery electric and plug-in hybrid cars), BYD is formalizing the agreement for the construction of the three company units: one for producing electric and hybrid cars, another for electric trucks and buses, and a third dedicated to processing lithium and iron phosphate for batteries focused on external markets, at least initially.
The plan of the Chinese automaker is to utilize the buildings left by Ford; however, the layout will be completely modified, and the size of the facilities will be expanded, with a total expected investment of R$ 3 billion. With a capacity to manufacture 150,000 electric cars in its first phase, the complex is projected to commence operations between late 2024 and early 2025.
Where Does BYD Plan To Start In The Lithium Mining Area?
Returning to the topic of lithium, BYD is eyeing mining operations in northern Minas Gerais, in the Jequitinhonha Valley, which could support the factory in Bahia. The highlight of the region is the operation of Sigma Lithium, which has a large lithium rock deposit, known as Grota do Cirilo, that is sustainable and operates with a dry mining process, without waste, and with the reuse of water collected and treated from the Jequitinhonha River.
This operation has already attracted the attention of other companies, such as Tesla, which considered purchasing Sigma Lithium Corp, a Canadian mining company controlled by a Brazilian investment fund. Regardless, the establishment of BYD’s complex in Bahia will boost other businesses related to vehicle production and electric mobility in the country. The forecast is that the factory will start operations between late next year and early 2025.
Tesla Also Seeks To Enter The Mining Market
In January of this year, the American automaker announced that it was studying the purchase of Sigma Lithium Corp, a mining company controlled by a Brazilian investment fund that operates lithium extraction in Minas Gerais.
The main reason for the company is the growing global demand for lithium, which is crucial for battery production for electric cars. According to reports, the automaker of Elon Musk has been speaking with potential advisors about an offer, according to sources.
In addition to the option for the Canadian mining company operating in Brazil, Tesla is considering other options, including even a company of its own for refining the metal. Sigma Lithium’s shareholder has been exploring a potential sale of the company and assessing the interest from mining and automaking companies.
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