The Mexican government has set up a state-owned company to produce and market lithium, as global demand for the metal used to make electric car batteries grows.
According to a proclamation issued by Mexican President Andres Manuel Lopez Obrador, as the demand for raw lithium for use in the electric vehicle sector grows, the state business Letio Parra Mexico will solely produce and market Mexican lithium.
Litiomix, as the business is named, will operate independently of the Mexican Ministry of Energy and will begin operations within the next six months.
In addition, Mexico revised its mining regulations in April to allow the country to solely explore, develop, and export lithium deposits.
Although lithium is not yet mined in Mexico, the government has awarded licences for lithium production, and contracts for these licences are still being reviewed.
According to a marketing research, lithium consumption is predicted to climb fivefold over the next 35 years.
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