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Tesla, Led by Elon Musk, Is Considering Buying Sigma Lithium, A Mining Company Operating in Brazil Focused on Electric Car Battery Production.
The electric car company Tesla, owned by billionaire Elon Musk, is targeting Brazil, but not as a market for selling electric cars. In fact, the American company is studying the possibility of purchasing Sigma Lithium Corp, a mining company that is controlled by a Brazilian investment fund, with operations in lithium extraction in Minas Gerais.
Tesla Discusses Offers With Advisors
According to information from Bloomberg and international agencies, Tesla, led by Elon Musk, has been evaluating the purchase of the mining company Sigma Lithium, which operates in northeastern Minas Gerais, focusing on electric car battery production, according to anonymous sources related to the matter.
The main reason is the high global demand for lithium, essential for battery production. According to reports, Elon Musk’s automaker has been in talks with potential advisors regarding an offer. In addition to considering Sigma Lithium, a Canadian company operating in Brazil, Tesla would also be exploring other options and even its own company focused on refining the metal. The main shareholder of the mining company operating in Brazil has been exploring a potential sale of the company and assessing the interest of miners and automakers, according to the sources.
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It is important to mention that the largest investor in the mining company is the Brazilian private equity fund A10 Investimentos, which holds a 46% stake in the company that Ana Cabral-Gardner, co-CEO and co-chair of Sigma, helped establish.
Finally, the report emphasizes that negotiations between the mining company and Tesla, led by Elon Musk, are in the initial phase and may not lead to a sale. The conclusion is that, for potential buyers, the fact that Sigma’s shares have tripled in value over the past year weighs heavily.
Lithium Mining Company Located in MG Has Production of 270 Thousand Tons
The owners of the mining company may be waiting for the company’s main project to be put into practice. Sigma Lithium is creating a large lithium rock deposit in Brazil, known as Grota do Cirilo, located in the Jequitinhonha Valley region in MG, which is sustainable and operates with a dry mining process, generating no waste and reusing water collected and treated from the Jequitinhonha River.
The company produces what is called “Sustainable Battery Grade Lithium Concentrate” that has a high degree of purity and is used in the production of battery cathodes for electric cars. According to Sigma Lithium’s project, production will reach 270 thousand tons annually this year, increasing to 768 thousand tons in 2024 when it is fully operational.
At this point, the estimate is that Sigma will grow to become one of the four largest lithium producers in the world, definitively placing the country in the global supply chain of batteries for electric cars, which will also help boost development in the region, considered one of the poorest in Brazil. Even before starting regular operations, Sigma Lithium has already signed supply agreements with LG Energy Solution and Japanese trading company Mitsui & Co.
Elon Musk Continues to Expand Tesla’s Business
The President of Mexico, Manuel López Obrador, confirmed this week that Elon Musk’s electric car company, Tesla, will establish a new production unit in the country. The president highlights that this is great news and thanks the company for deciding to set up in his country.
Mexico is one of the top three countries with the most opportunities for foreign investment and business creation. The announcement comes amid controversy over the factory’s location. The government wants the unit to be located near Felipe Ángeles International Airport, while the government of the State of Nuevo León wants to host the project.
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